SYDNEY - Asian shares managed a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity even as other countries across the globe all but shut down.
Still, the headline number was a relief and helped MSCI’s broadest index of Asia-Pacific shares outside Japan rise 1.1 per cent.Singapore’s Straits Times Index was up 2.8 per cent at 9:33am local time, after losing 4.5 per cent on Monday. News on the coronavirus remained grim but radical stimulus steps by governments and central banks have at least provided some comfort to economies.
OIL PRICES OVERWHELMED Portfolio management also played a part in the forex market where many fund managers found themselves over-hedged on their US equity holdings given the sharp fall in values seen this month, leading them to buy back dollars. Oil prices plunged to the lowest in almost 18 years on Monday as lockdowns for the virus squeezed demand even as Saudi Arabia and Russia vied to pump more product.
"The lockdown of cities around the world and the shutdown of the aviation industry will cause a fall in demand the industry has never seen before."
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