Asia stocks higher after Wall Street gains on recovery hopes

Shanghai, Hong Kong and South-east Asian markets followed Wall Street higher while Sydney declined. Japanese markets were closed for a holiday.

Asked whether there might be deaths as curbs ease, Trump told ABC News,"It’s possible there will be some.” Sydney's S&P-ASX 200 lost 0.3% to 5,388.90. Benchmarks in New Zealand and Singapore advanced while Jakarta declined. Bangkok was closed for a holiday. China, where the pandemic began in December, has allowed factories and some other businesses to reopen. France, Spain and other European governments are taking similar steps.

Expectations for stronger demand for oil as more businesses get the green light to open helped drive oil prices higher. Disney fell 3% after the company reported a steep drop in quarterly profit as many segments of its media and entertainment offerings ground to a standstill during the coronavirus pandemic. Overall, the company said costs related to Covid-19 cut Disney’s pretax profit by $1.4 billion.

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