The New Zealand stock market has opened up, taking its lead from Wall Street.

The NZX Top 50 Index opened up about 1.5 percent in early trading, but the session was expected to be choppy as the Covid-19 virus continues to make headlines.

Wall Street rose 1 percent overnight in a volatile session, as traders pinned their hopes on another interest rate cut by the United States Federal Reserve, for the second time this month.

The price of Brent crude also roared back by as much as 10 percent on hopes that oil producing nations could make a deal to cut back on supply.

Most benchmark government bond yields also rose from record lows.

However, stock market gains in Europe failed to hold as investors there remain skittish.

This article was originally published on RNZ and re-published with permission.

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