Australian shares are set to extend yesterday's strong gains, following a rebound on global markets due to early signs the COVID-19 death rate appears to be slowing.
The Reserve Bank cuts interest rates to a record low and announces a quantitative easing program for the first time in its history to help prevent a coronavirus-driven recession.
Even after its overnight bounce, the S&P has shed more than 21 per cent since its mid-February record high. That was after Saudi Arabia and Russia — at odds with each other over how much to cut oil production — postponed a meeting of the Organisation of the Petroleum Exporting Countries and its allies, or OPEC+."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.
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