Global equity markets were buoyed by optimism that the worst of the Covid-19 pandemic was over, as the rate of new cases of infection declined in most countries. The notable exception was in the USA where total cumulative cases passed the one million mark. Despite this, many US states announced plans to begin re-opening businesses as the economic toll of lockdown continued to cause enormous job losses. By the end of April, the cumulative initial jobless claims had reached over 30 million since mid-March.
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