Asia shares were poised to track a Wall Street tumble on Tuesday after U.S. crude futures turned negative for the first time in history, crushed by a spectacular collapse in oil demand as the coronavirus pandemic derails the global economy.
FILE PHOTO: A pedestrian wearing a face mask walks near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease , at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song/File Photo
“It’s not just relevant to energy markets, this very clear evidence of economic damage is very likely to dampen sentiment. The Nikkei 225 index closed up 3.15% at 19,897.26 on Monday. The futures contract is down 2.02% from that close. Even with Monday’s decline, the S&P 500 has rallied 26.1% from its March low, thanks in part to the extreme easing by the Federal Reserve and a $2.3 trillion stimulus package passed by Congress.
The debate over when to lift restrictions to curb the pandemic intensified in the United States, with protesters describing mandatory lockdowns as “tyranny” and health workers and officials portraying them as a matter of life and death.
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