Stocks in Asia Pacific rose on Monday, 06 April 2020, as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.
Investor sentiment received a boost amid optimism that the number of coronavirus cases in New York, a U.S. hotspot for the pandemic, may be peaking, after U.S. President Donald Trump expressed hope the country was seeing a "levelling off" of the coronavirus crisis. New York State reported its first decline in the number of daily coronavirus-related deaths as well as hospitalizations on Sunday. Major European nations reported lower coronavirus-related fatality toll in France and Italy, with Italy seeing the number of patients in intensive care falling for the second consecutive day. However, a rise in cases and deaths in Singapore, Indonesia and the Philippines kept gains under check.
Developments on the global coronavirus virus pandemic continue to be watched, as concerns over the virus' economic impact have sent markets into a whirlwind in recent weeks. Globally, more than 1.2 million have been infected while at least 65,711 lives have been taken by the virus, according to data compiled by John Hopkins University.
Investors also remained focused on oil prices. Oil prices skid on Monday after meeting between the Organization of the Petroleum Exporting Countries and its allies, initially set to take place Monday, was delayed. Brent crude fell as much as $3 in early Asian trading after Saudi Arabia and Russia postponed a meeting over a potential pact to cut production to Thursday.
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