Focus: Historic deal amid contracting economy

Focus: Historic deal amid contracting economy

During the first quarter, stock markets incurred losses not seen since the financial crisis.. On Monday, stocks fell in Asia's major financial centers and by mid-morning, US futures were down too.. According to the Brooking FT tracking index, the global economy will be facing its worst quarter since the Second World War, as many Organization for Economic Cooperation and Development (OECD) economies have ground to a halt and jobless claims are at unprecedented highs throughout all major economies.. US President Donald Trump, not a friend of OPEC under normal circumstances, hailed the deal as saving hundreds of thousands of jobs in the US.. By early afternoon CEST, Brent had lost 0.1 percent on the day, standing at $31.45.. The April gains in the stock market can in part be explained by the unprecedented stimulus packages injecting cash and temporary confidence and in part by the fact that many institutional investors have allocation guidelines for asset classes.. After a dismal first quarter, they needed to bring the asset allocation closer to the prescribed percentages.. The sector suffered from a demand shock anywhere between 20 and 35 percent if not more.. Russia and some other Gulf Cooperation Council and OPEC producers are