Financial markets corrected yesterday's panic losses, with US equity futures trading 4% stronger, EU indices 4-8% higher, and oil gaining 10%. The 300 pip rally on the USDJPY pair seems to be validated by other markets.
However, the underlying fundamentals are still the same - the virus continues to spread aggressively across the EU and the US. At the same time, the oil price war between Saudis and Russia is still there, so today's rally in the assets could only be a short-covering correction.
Many countries pledged fiscal support, but so far, any concrete details are scarce. Thus investors remain nervous.