(Bloomberg) — Asian stocks and U.S. equity futures saw modest gains on low volume as investors mulled further signs of positive developments in the global fight against the coronavirus. The yen edged higher after the Bank of Japan maintained rates but boosted other stimulus measures.Shares climbed across the region after U.S. stocks ended firmer on Friday. U.S. futures reversed earlier losses to trade higher, while European contracts gained. The Australian dollar outperformed, while other risk currencies strengthened against the greenback. Treasury yields advanced. Coronavirus deaths slowed the most in more than a month in Spain, Italy and France while fatalities reported in the U.K. and New York were the lowest since the end of March. Oil retreated.The Federal Reserve joins the BOJ and the European Central Bank announcing policy decisions this week as the battle against the pandemic continues with some countries proceeding on steps to relax lockdown measures. Several major economies will release GDP numbers, while corporate earnings will keep flooding in, including from Amazon.com Inc., Barclays Plc and Samsung Electronics Co.“This coming week will be huge from a macro data perspective and the extent to which the global economy has been floored by Covid-19,” said Simon Ballard, chief economist at First Abu Dhabi Bank. “Until we are clearly past the peak of the outbreak, on a global scale, and can feasibly deem the pathogen to be contained and there to be no meaningful risk of a second wave of infection, we believe a defensive investment strategy will remain the most appropriate.”The Bank of Japan removed limits on its purchases of government bonds, joining global counterparts in their unprecedented expansion of monetary stimulus as the coronavirus hammers the world economy. The central bank also ramped up its scope for buying corporate bond and commercial paper.Meantime, New York Governor Andrew Cuomo sketched out a phased-in reopening that begins with construction and manufacturing. That could start as soon as May 15, he said, probably upstate before the New York City area. Italy and Spain, Europe’s two hardest-hit countries, along with neighboring France, all signaled tentative moves to open up their economies.Elsewhere, oil fell to trade below $16 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.These are the main moves in markets:StocksFutures on the S&P 500 rose 0.4% as of 12:30 p.m. in Tokyo. The gauge added 1.4% on Friday.Topix index advanced 1.2%.Australia’s S&P/ASX 200 Index gained 0.6%.South Korea’s Kospi index rose 1.7%.Hong Kong’s Hang Seng Index added 1.6%.Shanghai Composite rose 0.7%.CurrenciesThe yen rose 0.2% to 107.34 per dollar.The offshore yuan traded at 7.0824 per dollar, up 0.1%.The euro bought $1.0825, little changed.The Aussie gained 1% to 64.35 U.S. cents.BondsThe yield on 10-year Treasuries rose two basis points to 0.62%.CommoditiesWest Texas Intermediate crude slipped 7.7% to $15.60 a barrel.Gold was at $1,722 an ounce, down 0.4%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
