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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SE Asia Stocks-Keep rally going as U.S. jobs data lifts recovery hopesREUTERS
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Asian companies at higher risk of default this year - dataNet debt to EBITDA (earnings before interest, taxes, depreciation, and amortisation), which shows how many years it would take a company to pay back debt, was at its highest since June 2014. 'We expected the pick-up in default rates to be mostly amongst smaller companies who already had a stretched
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