Asian shares are rising, riding a wave of optimism about a possible treatment for the coronavirus that set off a rally on Wall Street. Japan’s benchmark Nikkei 225, Australia’s S&P/ASX 200 and the Shanghai Composite gained in trading.
A man rides a bicycle in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, April 30, 2020. Asian shares advanced on Thursday, riding a wave of optimism about a possible treatment for the coronavirus that set off a rally on Wall Street powerful enough to override data showing the U.S. economy had logged its worst quarterly performance since 2009.
The spark for Wednesday’s rally was a report that the experimental drug remdesivir proved effective against the new coronavirus in a study run by the National Institutes of Health. The nation’s top infectious diseases expert said the drug reduced the time it takes patients to recover, and it raised hopes that life around the world may eventually tiptoe back toward “normal.”
Activity rebounded in March but forecasters warn manufacturers might face a second dip due to a possible second wave of the outbreak. Job losses have exploded since early April, as layoffs sweep the nation following widespread stay-at-home orders, and economists expect to see even worse numbers for the second quarter of the year.
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