Global stocks and oil extend gains on economic recovery hopes

Global stocks and oil prices jumped as hopes for a swift global economic recovery from the coronavirus pandemic and further central bank support helped offset rising geopolitical risks. In early Asia-Pacific trading on Wednesday, Japan’s benchmark Topix index rose 0.6 per cent, Hong Kong’s Hang Seng added 1.2 per cent and South Korea’s Kospi rallied 2.5 per cent. Oil climbed back above $40 for the first time in almost three months on optimism crude producers will extend output cuts. Investors were also focusing on the possibility of additional economic support measures when the European Central Bank meets later this week.