Stocks across the Asia Pacific strengthened their positions on the last day of April, thanks to the news connected with coronavirus treatment.
Mainland Chinese stocks saw gains on Thursday. The Shanghai Composite added 1.33% to about 2,860.08. At the same time, the Shenzhen composite gained 1.88% to around 1,763.36.
Also, Japanese stocks saw robust gains following a Wednesday holiday. The Nikkei 225 added 2.14% to close at 20,193.69 as shares of robot maker Fanuc jumped 5.63%. In the meantime, the Topix index gained 1.03% to end its trading day at 1,464.03.
Moreover, Australia’s S&P/ASX 200 also added 2.39% to close at 5,522.40.
Importantly, markets in Hong Kong and South Korea were closed on Thursday for a holiday.
Stocks and Gilead Sciences
Investors are closely monitoring the situation connected with coronavirus treatment. According to Gilead Sciences, preliminary results of a coronavirus drug trial was quite successful. For example, at least 50% of patients treated with a five-day dosage of remdesivir improved, and more than half even left the hospital in less than two weeks.
This news had a positive impact on the stocks. It makes sense as the coronavirus pandemic remains the main problem for the global economy. The number of confirmed cases surpassed 3 million.
Interestingly, White House health advisor Dr. Anthony Fauci also made a comment about the remdesivir. He said that the drug would set a new standard of care for Covid-19 patients.
Let’s have a look at the economy of China. Manufacturing activity slightly expanded in April. Importantly, the official manufacturing Purchasing Managers’ index for April came in at 50.8. As a result, compared with the last march index fell from 52.0 to 50.8.
Notably, PMI readings above 50 signify expansion, while those below that mark contraction. Also, investors are watching the economic data from China to learn more about the state of the local economy.