Wall Street

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

Economists suggested the weak data could spur US lawmakers to push on with fresh stimulus measures as their previous package comes to an end soon.

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

Investors welcomed German biotech firm BioNTech's comments about a vaccine candidate would be ready for regulatory review by the end of the year.

The easing of lockdowns and a healthy run of economic data have provided a boost to world markets in recent weeks.

Analysts warned that while the employment data were good, jobless claims were still elevated.

Hong Kong led the gains on reopening after a one-day break, despite concerns about a new security law imposed on the city by China.

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

Oil prices dipped after a healthy advance on Friday.

While traders continue to buy into world markets on hopes the economy will bounce back, analysts urged some caution.

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

Global markets have been on a roll for weeks with countries slowly reopening after shutdowns and trillions of dollars in stimulus and central bank support,

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.

Federal Reserve officials also warned about the long-term financial impact of an extended shutdown.

With countries from Asia-Pacific to Europe and US states reopening their shattered economies, global equities have enjoyed a strong revival.

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

The woes on Wall Street discouraged traders in Asia.

China has largely brought the disease under control within its borders since the COVID-19 outbreak first emerged in the city of Wuhan late last year.

Traders' focus has returned to the devastation wrought on populations and the long-term impact of the pandemic.

The World Bank warned that fallout from the coronavirus pandemic could bring China's growth to a standstill.

The unprecedented $2 trillion plan helped spur a surge across global equities as panicked traders worried about the impact of the coronavirus.

Trump, who is keen to get his reelection campaign back on track, said that social distancing has caused too much pain to the US economy.

After downplaying the severity of the outbreak for weeks, Trump on Tuesday called for bipartisan support for immediate cash payments to American families.

There is a broad consensus that the disease, which has wiped trillions off market valuations, will cause a global recession.

The surprise cut came as central banks around the world pledge to do what they can to mitigate the fallout from coronavirus.

The death toll in the US rose to nine, many linked to a nursing home in the Seattle suburbs, while the overall number of infections shot past 100.

The positive sentiment filtered through to oil markets, where dealers are betting on major producers cutting output to address tumbling demand.

With cases being reported in new countries, traders are growing increasingly fearful about the impact on the global economy.

After powering to a record close Tuesday, traders fearing the virus could spread and harm the global economy, sent Wall Street into the red.