Most Asian shares made gains while U.S. stock futures fell on Tuesday amid choppy trade as a renewed decline in oil prices partially offset optimism about the easing of coronavirus-related restrictions.
Euro Stoxx 50 futures STXEc1 were up 0.11%, German DAX futures FDXc1 climbed 0.28%, and FTSE futures FFIc1 rose 0.27%, suggesting European shares could rise at the start of trade.
Shares of United States Oil Fund LP , the country’s largest crude ETF, fell more than 16% on Monday, after it said it would sell all of its front-month crude contracts to avoid a repeat of the heavy losses suffered last week. As more countries allow businesses to re-open following lockdowns to contain coronavirus outbreaks, some investors are hoping the worst may be over for the world economy, but others remained cautious, especially as a vaccine has yet to be developed..
“There is optimism about parts of the U.S. and Europe starting to open up, that is making every one feel confident but the hard data is only starting to come out now, we haven’t seen exactly what the impact will be,” Karen Jorritsma, Australian equities head at RBC Capital Markets, said.
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