Shares rebound on signs of progress in battling virus

Asian shares and US futures rebound as investors grasp at threads of hope that the battle against the coronavirus pandemic may be making some progress in some hard-hit areas.

Markets in Tokyo and Sydney gain more than 4% and Hong Kong climbs 2.3%. New York futures are more than 4% higher.

The gains follow another Friday session of losses after the US said employers cut 701,000 more jobs than they added last month, the first drop in nearly a decade. Investors fled the market ahead of the weekend.

Oil prices fell back after a meeting between OPEC and Russia reportedly was delayed until April 9.

Reports have shown the number of people dying appears to be slowing in New York City, Spain and Italy. The news was cautiously welcomed by leaders, who also noted that any gains could easily be reversed if people did not continue to adhere to strict lockdowns.

— AP