HONG KONG: Asian shares were set to close out a calamitous quarter by eking out a small rally on Tuesday as factory data from China held out the hope of a revival in activity, even as much of the rest of the world shut down.
The number was enough of a relief though to help MSCI's broadest index of Asia-Pacific shares outside Japan rise 0.94 per cent. That still left it down 22 per cent for the quarter, its worst performance since 2008. News on the coronavirus remained grim but radical stimulus steps by governments and central banks have at least provided some comfort to economies.
That saw the euro ease back to $1.1015, from a top of $1.143 on Monday, while the dollar index bounced to 99.34, from a trough of 98.330. Oil prices steadied, after diving 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.In a new twist, U.S. President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials meet to discuss slumping prices.
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