Stocks rally on treatment hopes, currencies await ECB

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SINGAPORE/NEW YORK (Reuters) – Asian stocks rose to a fresh seven-week high on Thursday, lifted by encouraging early results from a COVID-19 treatment trial, though bonds and currencies held cautious ranges ahead of a European Central Bank meeting later in the day.

Anthony Fauci, the top U.S. infectious disease official, said Gilead’s (GILD.O) antiviral remdesivir will become the standard of care for COVID-19 after early results from a trial seemed to show it helped speed recovery.

The news rallied Wall Street on Wednesday and lifted MSCI’s broadest index of Asia-Pacific shares, excluding Japan .MIAPJ0000PUS, by 0.8% to its

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Investors await data on coronavirus drugs as market rally builds

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NEW YORK (Reuters) – Clinical data on potential treatments for the new coronavirus could help sustain a market bounce that has buoyed stocks after last month’s plunge, as investors look for signs that authorities may be able to stabilize the pandemic.

FILE PHOTO: Researchers at the University of Minnesota Genomics Center set up an automated liquid handler as researchers begin a trial to see whether malaria treatment hydroxychloroquine can prevent or reduce the severity of the coronavirus disease (COVID-19), at the University of Minnesota in Minneapolis, Minnesota, U.S. March 19, 2020. REUTERS/Craig Lassig/

Highly anticipated data for a Gilead Sciences

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