This archive report was first published on 11 May 2020.
Asian Markets Jump on Recovery Hopes ¶
Asian markets surged in early Monday trading, driven by hopes of a quick global economic recovery from the coronavirus outbreak.
Investors are increasingly betting on a V-shaped recovery, with prices for U.S. Treasury bonds tumbling and oil prices falling on continued worries about an oversupply.
On the other side of the world, Disney's Shanghai Disneyland reopened on Monday, marking a significant step towards normalcy. The park, which has been operating at a reduced capacity of 24,000 people daily, is a crucial test for the company's ability to balance safety and profitability.
Meanwhile, meatpacking plants in the United States are reopening, despite concerns about the safety of workers and the potential for new outbreaks. Tyson Foods, one of the largest meatpacking companies in the country, reopened a massive facility in Waterloo, Iowa, with new safety precautions in place.
Despite the challenges, investors remain optimistic, with the S&P 500 climbing more than 1 percent and European markets higher after a broadly positive day in Asia.
However, more grim economic data was released on Friday, with a report showing a loss of over 20.5 million jobs in the United States and a sharp jump in the unemployment rate.
