* Shares up as virus deaths slow in New York, Italy, France
* Oil prices resume slide as Russia-Saudi Arabia delay
meeting
* Yen drops as Japan readies for state of emergency
* World FX rates in 2020 http://tmsnrt.rs/2egbfVh
(Updates prices, changes comment, adds byline, dateline)
By Rodrigo Campos and Marc Jones
NEW YORK/LONDON, April 6 (Reuters) - World stock markets
jumped on Monday, encouraged by a slowdown in
coronavirus-related deaths and new cases in some of the world's
hot spots, while a delay in talks between Saudi Arabia and
Russia to cut supply sent oil prices tumbling again.
Equities investors were encouraged as the death toll from
the virus slowed across major European nations, including France
and Italy, as well as in New York State, one of the hardest-hit
in the United States. Signs of stabilization in New York are "probably the most
important thing given the amount of capital that's controlled
through managers that live in the area," said Thomas Hayes,
managing member at Great Hill Capital LLC in New York.
"It's a tremendous relief for the market (but it's) not to
say that we're through the woods yet, because we're going to
have a tough week or two ahead."
Providing further cause for worry, the number of new
coronavirus cases jumped in China on Sunday, while Singapore,
which had won international praise for its handling of the virus
over the last few months, had to close schools and most
workplaces on Friday after record jumps in new infections.
Investor morale in the euro zone fell to an all-time low in
April and the currency bloc's economy is now in deep recession
due to the coronavirus, which is "holding the world economy in a
stranglehold", a Sentix survey showed. "Never before has the assessment of the current situation
collapsed so sharply in all regions of the world within one
month," Sentix Managing Director Patrick Hussy said.
However, the markets appeared hopeful.
"What is driving the market is the evidence that the number
of new cases has started to turn the corner," said Elwin de
Groot, Rabobank's head of macro strategy.
The Dow Jones Industrial Average .DJI rose 926.54 points,
or 4.4%, to 21,979.07, the S&P 500 .SPX gained 107.74 points,
or 4.33%, to 2,596.39 and the Nasdaq Composite .IXIC added
328.64 points, or 4.46%, to 7,701.72.
The pan-European STOXX 600 index .STOXX rose 3.52% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
3.84%.
Emerging market stocks rose 2.49%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 2.63%
higher, while Japan's Nikkei .N225 rose 4.24%.
Markets in mainland China were closed for a public holiday.
OIL RESUMES DECLINE
U.S. crude fell as much as 5% following two sessions of
double-digit gains after Saudi Arabia and Russia, which have
been at odds this year over production, postponed a meeting of
the Organization of the Petroleum Exporting Countries and its
allies, or OPEC+, until Thursday instead of on Monday. O/R
"Perhaps it is best that the meeting was delayed for
producers to cement a minimum of common ground before the actual
discussions take place on Thursday," BNP Paribas analyst Harry
Tchilinguirian said.
Kremlin spokesman Dmitry Peskov also said Moscow was ready
to coordinate with other oil exporting countries to help
stabilize the market and that the OPEC+ meeting was delayed for
technical reasons.
But Bjornar Tonhaugen, Rystad Energy's head of oil markets,
said even if the group agreed to cut up to 15 million bpd, "it
will only be enough to scratch the surface of the more than 23
million bpd supply overhang predicted for April 2020."
U.S. crude CLc1 recently fell 6% to $26.64 per barrel and
Brent LCOc1 was recently at $33.10, down 2.96% on the day.
JAPAN IN STATE OF EMERGENCY
In currency markets, the yen weakened 0.59% versus the
greenback at 109.15 per dollar and weakened against other major
currencies as Japanese Prime Minister Shinzo Abe said the
government would declare a state of emergency as early as
Tuesday to curb a spike in coronavirus infections.
The dollar gained ground against the euro while the pound
recovered, having dipped 0.4% overnight after British Prime
Minister Boris Johnson was admitted to hospital for tests as he
was still suffering symptoms of the coronavirus. The euro EUR= was down 0.21% to $1.0785 and Sterling
GBP= was last trading at $1.2274, up 0.11% on the day.
The dollar index =USD rose 0.02%.
Yields on safe-haven U.S. government bonds crept higher in
fixed income markets, a reflection of the slightly brighter tone
in world stock markets. US/
Lou Brien, a strategist at DRW Trading in Chicago, said Wall
Street's upward trajectory was "the first and last reason why
Treasuries are lower in price and higher in yield this morning."
Benchmark 10-year notes US10YT=RR last fell 22/32 in price
to yield 0.6572%, from 0.589% late on Friday. The 30-year bond
US30YT=RR last fell 1-25/32 in price to yield 1.2802%, from
1.216%.
Despite the stocks rally, gold prices jumped to a more than
three-week high. Spot gold XAU= added 1.8% to $1,645.08 an
ounce.
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