SYDNEY, May 18 — Asian shares crept ahead today and oil prices hit a five-week high as more countries re-opened their economies, stirring hopes the world was nearer to emerging from recession. Summer weather is enticing much of the world to emerge from coronavirus lockdowns as centres of the...
Asian shares crept ahead today as more countries re-opened their economies. — AFP pic
“However, incoming data from most economies highlight the depth of the contraction, raising risks of longer-term scarring that might undermine the recovery.” Closer to home, data in Japan showed the world’s third-largest economy slipped into recession in the first quarter, putting it on course for its worst postwar slump as the coronavirus takes a heavy toll.
Dealers reported much chatter about a possible treatment for Covid-19 from drug maker Sorrento Therapeutics, which saw its shares soar on Friday.
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