Australia markets closed

Wall Street closes higher on vaccine and reopening hopes

Harry Dempsey, Philip Georgiadis and Philip Stafford in London and Hudson Lockett in Hong Kong

Global stocks surged on Monday as investors took heart that the gradual easing of lockdowns in Europe would stimulate global economic growth, while also drawing encouragement from a US trial for a Covid-19 vaccine. Trader optimism was underpinned by comments from Federal Reserve chairman Jay Powell over the weekend that the central bank had more in reserve to support the US economy if required. Hopes of rising economic demand also pushed the price of US crude oil to its highest level in two months, reflected in a Monday morning tweet from US president Donald Trump: “Oil (energy) is back!!!!”.