Asian stock markets advanced on Wednesday, 06 May 2020, as investors risk sentiments buoyed on tracking positive cues overnight from Wall Street after reports of easing of coronavirus lockdown restrictions in Europe and the U.S. Stocks also saw a modest boost from a rebound in oil prices.
California detailed initial steps to ease restrictions that have been in place for weeks to try to stop the spread of the coronavirus pandemic. Retailers including clothing stores, bookstores, sporting goods stores and florists can reopen for curbside pickup as soon as Friday, California Gov. Gavin Newsom said. Other states including Florida also began allowing businesses.
Stocks also saw a modest boost from a rebound in oil prices. Crude oil prices continued to rise in Asian trades amid optimism about a recovery in energy demand. Crude oil prices also surged on Tuesday as they got a boost from optimism around ongoing production cuts and a recovery in demand as economies reopen. West Texas Intermediate, the U.S. benchmark, jumped 20.45%, or $4.17, to settle at $24.56 per barrel. International benchmark Brent crude settled 13.86% higher at $30.97 per barrel.
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