GLOBAL MARKETS-Asian stocks set to track U.S. gains as virus treatment hopes lift confidence

By Chibuike Oguh
NEW YORK, April 29 (Reuters) - Asian equity markets were
poised to gain on Thursday, tracking Wall Street's rally after
positive trial results of an experimental COVID-19 treatment, a
U.S. Federal Reserve pledge to shore up the economy and a jump
in oil prices.
A top U.S. health official said Gilead Sciences Inc 's
GILD.O antiviral drug remdesivir is likely to become the
standard of care for COVID-19 after early results from a
clinical trial showed it helped certain patients recover more
quickly. Investors expect the ensuing virus treatments to be critical
in helping countries emerge from self-imposed lockdowns aimed at
curbing the outbreak.
"The markets were up on expectation of the Gilead drug
meeting the clinical end point, more regional re-opening in the
U.S., and backstopping by the Fed after the chairman said that
it will be overly accommodative," said Thomas Hayes, chairman of
Green Hill Capital.
Australian S&P/ASX 200 futures YAPcm1 were up 2.02%, while
Japan's Nikkei 225 futures NKc1 were down 0.2% at 23:00 GMT.
The Nikkei 225 index .N225 closed down 0.06% at
19,771.19​​​ on Tuesday. The futures contract is up 3.26% from
that close.​ Japanese markets were closed for a public holiday
on Wednesday. Hong Kong's Hang Seng index futures .HSI
.HSIc1 were up 1.01%.
The U.S. economy suffered its sharpest decline in 11 years,
with first-quarter gross domestic product contracting 4.8%,
marking the end of the longest U.S. economic expansion on
record. At the conclusion of its two-day monetary policy meeting,
the Fed left key interest rates near zero while Chair Jerome
Powell warned the economy would drop at an "unprecedented rate"
in the current quarter. However, Powell also said the economy would pick up as
restrictions were lifted and vowed the central bank would
continue to support the recovery.
On Wall Street, the Dow Jones Industrial Average .DJI rose
2.21%, the S&P 500 .SPX gained 2.66% and the Nasdaq Composite
.IXIC added 3.57%.
The safe-haven dollar took a hit from rising risk appetite
and the Fed's pledge to shore up the U.S. economy.
The dollar index, tracking the greenback against six major
peers =USD , fell 0.3%, with the euro EUR= up 0.5% to
$1.0872. Benchmark U.S. 10-year notes US10YT=RR fell 2/32 in
price to yield 0.6143%, down from 0.61% late on Tuesday.
Oil prices surged more than 10% after U.S. crude stockpiles
grew less than expected and gasoline posted a surprise draw,
feeding optimism that fuel consumption would recover as some
European countries and U.S. states ease coronavirus lockdowns.
U.S. West Texas Intermediate (WTI) crude CLc1 futures
settled at $15.06 a barrel, jumping $2.72, or 22%. Brent crude
futures LCOc1 settled at $22.54 a barrel, up $2.08, or 10.2%.
In Europe, automakers shares .SXAP were lifted after
German carmaker Daimler DAIGn.DE forecast operating profit at
its Mercedes-Benz Cars & Vans division above the prior-year
level and rival Volkswagen VOWG_p.DE said it expected to be
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