Tuesday, 5 May 2020

US stocks rebound amid easing of curbs

Markets were mixed on Monday.

The STOXX Europe 600 plunged 2.7 percent after the US criticised China on Sunday for allowing the coronavirus causing COVID-19 to emerge from a Chinese laboratory.

However, the S&P 500 rebounded from an early decline to close 0.4 percent higher.

“Some regional openings in California helped financial markets end the day on a positive note,” said Edward Moya, senior market analyst at OANDA.

Ohio and other states were also easing more curbs on businesses while outside the US, Italy, among the world’s hardest-hit countries, allowed about 4.5 million people to return to work.

Meanwhile, though, economic data remained grim, with IHS Markit reporting that its final manufacturing PMI for the euro zone sank to 33.4, its lowest since the survey began in mid-1997.

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