Asia stocks extend rally as economic recovery hopes boost confidence

Asian stocks rallied for their ninth straight day on Tuesday and oil prices jumped as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery.

MSCI's broadest index of Asia-Pacific shares outside of Japan rose for a ninth straight session for its longest winning streak since early 2018. It was last up 0.76per cent at a three-month peak. Tai said the"road to recovery" was still long while the threat of a second wave of coronavirus infections cannot be ruled out yet.

U.S. stocks were also bolstered by a move by the Federal Reserve to ease the terms of its"Main Street" lending program to encourage more businesses and banks to participate.

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