European stock markets rose and oil prices climbed to their highest in more than a month as a loosening of coronavirus shutdowns boosted market sentiment, even as the deadly outbreak has yet to be fully contained
There were still lots of obstacles to a rapid recovery, however, with Federal Reserve Chairman Jerome Powell saying in an interview on Sunday that a U.S. economic recovery may stretch deep into 2021.
U.S. lawmakers and officials are crafting proposals to push American companies to move operations or key suppliers out of China that include tax breaks, new rules, and carefully structured subsidies. Brent crude reached as much as $33.98 a barrel on Monday, its highest since April 13, and was last up 3.9% at $33.72. U.S. West Texas Intermediate crude was up 5.4% at $31.03 a barrel, having reached a two-month high earlier in the session.
Government bond yields edged higher across the euro area, while French bonds saw some underperformance after its ratings outlook was lowered by Fitch Ratings.
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