FTSE 100 LIVE: Asian stocks falter over second coronavirus wave fears amid new Wuhan cases

European markets were set to open lower with EUROSTOXX 50 futures STXEc1 off 0.52 percent and FTSE futures FFIc1 down 0.22 percent. E-Mini futures ESc1 for the S&P 500 slipped 0.68% The central Chinese city of Wuhan reported five new cases on Monday, casting doubts over efforts to lower coronavirus-related restrictions across the country as businesses restart and individuals went back to work. “Markets have been torn between optimism on the tentative re-opening of some economies and caution on the still grim economic data,” said OCBC Investment Research in a Tuesday markets note.

“Any recovery in equity markets is likely to be fragile for now, as markets will watch for cracks in the financial system and elsewhere in the economy as virus infections climb.”

MSCI’s broadest index of Asia Pacific shares outside of Japan .MIAPJ0000PUS stumbled more than 1 percent, snapping two straight sessions of gains.

Hong Kong’s Hang Seng index was among the hardest hit down 1.78 percent followed closely by Australia , off 1.24 percent. South Korea’s KOSPI faltered 0.85 percent.


6.19am update: Oil prices boosted by Saudi Arabia pledge to deepen output cut

Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand.

Brent crude LCOc1 futures advanced 0.5 percent, or 15 cents, to $29.78 at 0500 GMT, after hitting an intraday high of $30.11 a barrel.

US West Texas Intermediate (WTI) crude CLc1 futures were up 1 percent, or 26 cents, at $24.40 after touching an intraday high of $24.77.

Saudi Arabia said overnight it would cut production by a further 1 million barrels per day (bpd) in June, slashing its total production to 7.5 million bpd, down nearly 40 percent from April.

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