stock market

Executives from large US banks said additional support was needed for the coronavirus-ravaged economy.

Oil prices dropped more than three percent, extending Thursday's sharp drops.

Along with the fine, JPMorgan is required to beef up its compliance program and self-report any offenses.

Asian markets were mostly in positive territory.

Most Asian bourses had already fallen sharply earlier in the day.

The economic outlook remains exceptionally uncertain, with the Covid-19 pandemic continuing to exert a substantial toll on economies and societies.

Large tech companies have been major beneficiaries during the coronavirus pandemic.

The tech sector has been a consistent bright spot amid the severe coronavirus downturn in the United States.

The head of the World Health Organization's European branch said new widespread lockdowns would not be needed.

Analysts said easing concerns about the future of the China-US trade pact and healthy China data also provided some cheer to investors.

A spike in coronavirus infections has forced fresh lockdowns and sparked worries about the impact on the world economy.

With the disease showing little sign of being fully controlled until a vaccine is created, economic recoveries and a months-long global markets rally are sputtering.

With one eye on developments on Capitol Hill, Asian equities were moving in and out of positive territory.

An index of US consumer sentiment last week showed it hit a three-month low in July.

Nervousness continues to permeate trading floors as infections spike around the world.

Asia tracked the New York losses, with profit-taking also playing a part after a broadly strong week.

Markets have surged about a fifth from their March lows, thanks to the easing of lockdowns.

Worries about second-wave states appear now to be last week's news.

Oil prices dipped after a healthy advance on Friday.

Asian investors leary as signs of recovery offset by fears of second wave.

Beijing carried out mass testing after 36 of China's 57 new cases were linked to a wholesale food market.

Governments in Europe and Asia have become confident enough to lift containment measures.

Adding to the broadly positive outlook is optimism about progress on a vaccine.

US biotech firm Moderna reported "positive interim" results in early testing of a vaccine candidate.

The easing of restrictions was providing a much-needed boost to oil markets.

New York Governor Andrew Cuomo said that a first stage of a reopening would start on May 15 if hospitalisations decrease.

Investors are keeping an eye on Washington, where Congress and the White House are working towards a $450 billion economic relief plan.

The woes on Wall Street discouraged traders in Asia.

Attention this week will be on a planned meeting of OPEC and other key crude producers.

Equity markets continue to be whipsawed by the disease, which has now infected almost 170,000 people and killed more than 6,000.