Asian stocks were set to climb on Wednesday after another late Wall Street surge in response to upbeat trial results for a COVID-19 treatment and data showing U.S. consumers spent big in May.
FILE PHOTO: A man wearing a protective face mask, following the coronavirus disease outbreak, is silhouetted in front of a stock quotation board outside a brokerage in Tokyo, Japan, June 15, 2020. REUTERS/Kim Kyung-Hoon
The upbeat sentiment weighed of U.S. Treasuries and supported demand for lower-rated southern European debt. Not everyone was in the mood for risk, however, with safe-have gold pushed higher on news of a fresh coronavirus outbreak in China.[GOL/] In Asia, Australian S&P/ASX 200 futures were up 0.5%, while Japan’s Nikkei 225 futures were up 0.2% but down 0.6% from the underlying index’s Tuesday close.U.S. retail sales jumped a record 17.7% in May, blowing past the 8% increase analysts expected and supporting views the U.S. recession might be drawing to an end.
Germany’s monthly ZEW investor sentiment survey showed investors are confident that Europe’s largest economy will be over the worst of the coronavirus impact by the end of the European summer.
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