Oil is up more than a dollar to $36.30 a barrel in Tuesday’s early trading in Asia after yesterday’s calamitous collapse in oil price that pounded markets around the globe and forced senior Nigerian ministers scrambling for response.
Markets in Asia Pacific are also mostly edging higher Tuesday and US stock futures are jumping after novel coronavirus fears and an oil price war sparked a worldwide panic on Monday.
Australia’s benchmark S&P/ASX 200 is up 1.6%, recovering from earlier losses that briefly sent the index into bear market territory.
It’s now trading nearly 19% below its most recent high, just under the 20% that defines a bear market.
South Korea’s Kospi (KOSPI) was last up 0.3%, while Hong Kong’s Hang Seng Index(HSI) was 0.6% higher.
China’s Shanghai Composite (SHCOMP) was flat, though in negative territory.
Japan’s Nikkei 225 (N225) was the region’s worst performer, though was last only down 0.5%.
The government there is expected to soon announce more emergency measures to contain the spread of the virus.
Japanese companies are also feeling the pain from the toll the virus took on China last month: Nissan’s vehicle sales in China dropped 80% in February compared to a year earlier.
US stock futures, meanwhile, are recovering after Monday’s historic declines.
After initially falling after hours, Dow (DJI) futures shot up 550 points, or 2.4%, after President Donald Trump said he would press lawmakers to enact a payroll tax cut and ensure assistance is available to hourly workers amid a roiling coronavirus pandemic that’s caused deep economic concerns and stock market shock.
The Dow had ended the day with its biggest point drop in history, closing Monday down 2,014 points, or 7.8% — its worst day since the 2008 financial crisis.
Nasdaq (BANK) and S&P 500 (DVS) futures were last up roughly 2.5% each, also recouping earlier losses.
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