UK and European markets traded higher as central banks and governments around the world adopt a “whatever it takes” approach to mitigating the economic hit from the coronavirus pandemic.
U.S. stocks lost their earlier gains as Wall Street has been grappling with fears over the coronavirus’ economic blow, fuelling historic market volatility.
The dollar eased after a rally as a global scramble for funding sent other currencies reeling.
Oil dropped even as President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.
Gold prices rose as safe-haven buying offset a rush for cash amid fears over the economic hit from the coronavirus.
In equity markets, Premier Inn owner Whitbread and budget airline easyJet - both of which have been hit hard of late amid concerns about the impact of the coronavirus - were on the front foot.
InterContinental Hotels rallied even as it warned that global revenue per available room was set to tumble 60% in March due to the coronavirus outbreak and scrapped its dividend, with demand for hotels currently at the lowest levels it has ever seen.
Pub group JD Wetherspoon surged despite cancelling its interim dividend and warning on full-year profits as the coronavirus and government advice to stay away from pubs and restaurants hit current sales.
Property portal Rightmove was weaker after saying revenue will take a hit as it cuts agent charges by 75% amid a slowdown in the UK housing market on the back of the pandemic.