Markets rally on huge economic support plans

Equities enjoyed some much-needed gains Friday after another volatile week on global markets as investors took solace in a blockbuster series of government and central bank measures aimed at cushioning the economic blow from the coronavirus.

The dollar eased somewhat after a lengthy rally fuelled by traders cashing out of their investments, while the embattled oil market extended Thursday's gains.

With the deadly pandemic showing no sign of ending, countries are going into lockdown, effectively shutting down the global economy and leaving experts in the dark as to how deep and long an expected recession will last.

On Thursday, US Senate Majority Leader Mitch McConnell presented a $1 trillion emergency relief package to combat the turmoil, with $1,200 cash handouts for individuals.

It also includes $208 billion in loans for companies hit by the crisis -- $58 billion of it for the battered airline sector -- and $300 billion in small business loans.

The plan is the latest in a series of measures put forward by Washington and comes on top of Federal Reserve interest rate cuts and pledges worth hundreds of billions of dollars to provide liquidity to creaking financial markets.

It also comes in tandem with similar moves by governments and banks around the world, which have provided some support to investors, but which many observers warn could still be too little as the crisis rumbles on.

Hong Kong, Mumbai and Kuala Lumpur all surged more than five percent, Seoul and Mumbai piled on more than seven percent, while Taipei rallied more than six percent.

Manila rose 3.4 percent, while Shanghai, Singapore and Jakarta put on more than one percent, with Wellington one percent higher and Sydney up 0.7 percent. Tokyo was closed for a holiday.