People walk past an electronic board showing Japan's Nikkei average and the yen’s exchange rate against the dollar outside a brokerage in Tokyo, Japan. Picture: REUTERS/TORU HANAI
Oil futures slumped after the largest US oil exchange traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse. All three major US stock averages advanced on Monday and are all now within 20% of their record closing highs reached in February. From Italy to New Zealand, governments announced the easing of restrictions, while Britain said it was too early to relax them there. New York state is not expected to reopen for weeks.
The Fed has already announced a raft of measures to lessen the economic blow from the coronavirus pandemic and is expected to stay on hold this week. The ECB is likely to extend its debt purchases to include junk bonds and provide a backstop for corporate financing.
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