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Asian stocks set to rise as drug trials, data push Wall Street higher | Malay Mail

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WASHINGTON, June 17 — Asian stocks were set to climb today after another late Wall Street surge in response to upbeat trial results for a Covid-19 treatment and data showing US consumers spent big in May. The prospects of fresh support from the Federal Reserve and Bank of Japan also supported...

Wednesday, 17 Jun 2020 08:33 AM MYT

The prospects of fresh support from the Federal Reserve and Bank of Japan also supported global equity markets. “We got potentially more positive news in the fight against Covid-19,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. “But while Covid is in most people’s minds, in the stock market’s view it is all about reopening and the strong data suggest the recovery is happening and faster than most expected.”

Also cheering investors were trial results showing dexamethasone, a cheap and widely used steroid, reduced death rates by about one-third among the most severely ill Covid-19 patients.

 

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