Looking up? (Angela Weiss)

London (AFP) – Global equity markets strongly rebounded Monday as some of the world’s worst-hit countries reported falling coronavirus death rates, while oil prices sank after a meeting of top producers was delayed.

News out of Europe that the rise of fatalities was easing lifted spirits on trading floors.

“European markets are trading higher because investors are shrugging off the pessimism,” said AvaTrade analyst Naeem Aslam.

“They are focused on more optimistic things: the slowing death rate caused by coronavirus. Italy, Spain, France, and Germany have all seen declining numbers.”

London gains were capped by a stronger pound, apparently little affected by news that British Prime Minister Boris Johnson was hospitalised for precautionary tests after suffering “persistent” coronavirus symptoms for ten days.

On Wall Street, the Dow Jones index posted strong gains at the opening.

– ‘New York apex’ –

“US stocks are jumping in early action,” said analysts at Charles Schwab.

After news of slowing death cases in Europe, optimism was also fuelled by “early signs that the virus’ intensity in the epicenter of New York may be hitting an apex”, they said.

Attention this week will be on a planned meeting of OPEC and other key crude producers aimed at easing a supply glut that had sent oil prices crashing.

Both main contracts had soared last week as Trump said Saudi Arabia and Russia would hold talks on ending their price war, while it also emerged OPEC would be holding a teleconference on Monday.

However, investors were dealt a blow over the weekend when the meeting was delayed to Thursday.

Analysts warned there were doubts that the US would take part in them, which could be a major sticking point for Moscow and Riyadh.

But even if a deal is reached, there is scepticism that suggested cuts of 10 million barrels a day will be enough to help the oil market, owing to a collapse in demand caused by the pandemic.

– Key figures around 1335 GMT –

London – FTSE 100: UP 2.5 percent at 5,547.78 points 

Frankfurt – DAX 30: UP 5.1 percent at 10,006.96 

Paris – CAC 40: UP 3.9 percent at 4,316.03 

EURO STOXX 50: UP 4.5 percent at 2,782.12 

New York – Dow: UP 4.1 percent at 21,916.70

Tokyo – Nikkei 225: UP 4.2 percent at 18,576.30 (close)

Hong Kong – Hang Seng: UP 2.2 percent at 23,749.12 (close)

Shanghai – Composite: Closed for a holiday

Brent North Sea crude: DOWN 2.5 percent at $33.27 per barrel 

West Texas Intermediate: DOWN 4.3 percent at $27.11 per barrel 

Euro/dollar: DOWN at $1.0778 from $1.0801 at 2100 GMT on Friday

Dollar/yen: UP at 109.09 yen from 108.55 

Pound/dollar: UP at $1.2275 from $1.2269 

Euro/pound: DOWN at 87.82 pence from 88.03 pence

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Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.