Stocks are opening lower on Wall Street as more grim news piles up about the damage that lockdowns related to the coronavirus are causing the global economy.
A man rides a bicycle in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, April 30, 2020. Asian shares advanced on Thursday, riding a wave of optimism about a possible treatment for the coronavirus that set off a rally on Wall Street powerful enough to override data showing the U.S. economy had logged its worst quarterly performance since 2009.
The European Central Bank responded by stepping up its help for the economy, providing cheaper loans to banks and more liquidity. The bleak European numbers put paid to a rally in the U.S. and Asia that was driven by optimism about a possible treatment for the coronavirus. Japan’s benchmark Nikkei 225 surged 2.1% to finish at 20,193.69, while Australia’s S&P/ASX 200 gained 2.4% to 5,522.40. The Shanghai Composite added 1.3% to 2,860.08.Markets in South Korea and Hong Kong were closed for holidays. Many other markets will be closed on Friday for May Day.
China became the first major economy to reopen factories in March after the ruling Communist Party declared victory over the outbreak. But the United States, Europe and other major markets have yet to lift controls that are depressing consumer spending.
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