TOKYO/NEW YORK: Asian stocks gained on Friday as President Donald Trump's plans to gradually re-open the U.S. economy offset data that showed China suffered its worst economic contraction on record due to the coronavirus outbreak.
Retail sales also fell more than expected in March, but industrial output only dipped slightly, suggesting its manufacturing sector at least is recovering more quickly. "The problem is there is a big gap between expectations and the underlying economic reality, which is that many countries are still very weak."
Some analysts remain sceptical of Trump's plan, but the equity markets took the comments as a sign that the worst of the pandemic may be over. Equity markets also took the China data in stride partly because it has contained the virus and managed to get large parts of its economy back up and running from a standstill in February.
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