SYDNEY: Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases. In currency markets, sterling fell 0.4per cent early in Asia after British Prime Minister Boris Johnson was admitted to hospital following persistent coronavirus symptoms 10 days after testing positive for the virus. Brent crude fell as much as US$4 after Saudi Arabia and Russia postponed their meeting, initially scheduled for Monday, to Thursday even as the virus pandemic pummels demand. Equity investors, however, took solace as the death toll from the coronavirus slowed across major European nations including France and Italy. “With a very light calendar globally today, there is enough momentum to keep the equity rally running through the course of the day and also into European time,” said Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA. “All bets are off after that although I could see a couple of days of positive sentiment ahead, especially if those mortality rates keep falling.” U.S. stock futures rose 3.2per cent during Asian trading after U.S. President Donald Trump expressed hope the country was seeing a “levelling off”… Read full this story
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