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| - Stock markets mostly rose Tuesday as better-than-expected Chinese trade data lifted some of the economic gloom wrought by the coronavirus pandemic. Oil prices fell, despite US President Donald Trump claiming that producers were mulling a global daily output cut of 20 million barrels. The dollar dropped against main rivals, helping to push gold above $1,700 an ounce -- the highest level for more than seven years, according to traders. "Markets continue to react in an odd way, mostly ignoring all the bad figures that have come their way and focusing on the positives, such as the China figures," said Chris Beauchamp, chief market analyst at IG trading group. Asian stock markets kicked off the day with gains after official data showed Chinese exports fell 6.6 percent and imports slid 0.9 percent in March on a yearly basis. "The data coming out of China is a rough leading indicator for the rest of the world," noted Jasper Lawler, head of research at London Capital Group. "The smaller exports drop is a clue that China's first-quarter growth figures released on Friday could also surprise on the topside." There were plenty of dismal figures that investors could have chosen to focus upon. The IMF issued a stark warning that the coronavirus crisis would trigger a global recession that would very likely be the deepest economic contraction since the 1930s. If stocks escaped unscathed, the same couldn't be said of the dollar. "The dollar fell against its major trading partners following the IMF's gloomy projections which should support calls for the Fed to remain ultra-accommodative in the short-term," said market analyst Edward Moya at online currency brokerage OANDA. As the dollar weakened, the value of the pound pushed higher, helping London's blue-chip FTSE 100 index to finish the day with a loss. Wall Street moved higher as major banks kicked off earnings season. Both JPMorgan Chase and Wells Fargo reported huge declines in first-quarter earnings after setting aside large provisions in case of bad loans. But shares in the banks rose, with investors cheered by JPMorgan Chase signalling it intends to keep its dividend payment to shareholders. Markets' focus was meanwhile firmly also on oil. "There is still a lot uncertainty over whether the reduction in output will be enough," said Neil Wilson, chief market analyst at trading website Markets.com "The biggest uncertainty for oil is how quickly does demand recover in the medium term? Indeed, this is the central question for risk assets in general," he added. Oil producing nations at the weekend thrashed out a compromise to cut output by nearly 10 million barrels per day from May, while Trump said the final figure could end up being double that level. Oil prices have crashed as the coronavirus outbreak sends demand off a cliff, with a Saudi-Russian price war having compounded the crisis. While they rose ahead of the weekend deal, they fell back by 5 percent on Tuesday. London - FTSE 100: DOWN 0.9 percent at 5,789.31 points (close) Frankfurt - DAX 30: UP 1.3 percent at 10,696.56 (close) Paris - CAC 40: UP 0.4 percent at 4,523.91 (close) Milan - FTSE MIB: DOWN 0.4 percent at 17,558.43 (close) Madrid - IBEX 35: UP 0.5 percent at 7,108.60 (close) EURO STOXX 50: UP 1.2 percent at 2,927.96 New York - Dow: UP 1.6 percent at 23,770.70 Tokyo - Nikkei 225: UP 3.1 percent at 19,638.81 (close) Hong Kong - Hang Seng: UP 0.6 percent at 24,435.40 (close) Shanghai - Composite: UP 1.6 percent at 2,827.28 (close) Euro/dollar: UP at $1.0958 from $1.0914 Dollar/yen: DOWN at 107.13 from 108.02 Pound/dollar: UP at $1.2598 from $1.2481 Euro/pound: DOWN at 87.07 pence from 87.44 Brent Crude: DOWN 5.1 percent at $30.13 per barrel West Texas Intermediate: DOWN 5.5 percent at $21.17 per barrel burs-rl/jj
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