NEW YORK, April 13 (Reuters) - Asian stocks were set for a modest bounce on Tuesday as U.S. stock futures edged higher, although fears the coronavirus could drag on the global economy for months are likely to temper investor confidence.
Stocks in Asia edged higher in Tuesday morning trade following the release of Chinese trade data for March. In Japan, the Nikkei 225 added 1.88% while the Topix index gained 0.96%.
WASHINGTON: The International Monetary Fund on Monday said it would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust to allow them to focus more financial resources on fighting the coronavirus pandemic.
Oil prices fell on Monday as oversupply concerns continue to pressure prices, even as OPEC and its allies agreeing to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history.
Even though oil producers finally agreed to cut production by nearly 10 million bpd, the deal will fail to support oil prices in the coming weeks as the agreement, albeit historic, is falling short of the enormous demand destruction and expectations, according to Goldman Sachs.
The Tokyo Commodity Exchange (TOCOM) rubber contract slid on Monday, pressured by weaker Shanghai futures after cases of the new coronavirus in China rose and on fears that the pandemic has battered international demand.