News > Asian stocks set to rise as drug trials, data push Wall Street higher

Asian stocks set to rise as drug trials, data push Wall Street higher

Asian stocks were set to climb on Wednesday after another late Wall Street surge in response to upbeat trial results for a COVID-19 treatment and data showing U.S. consumers spent big in May. The prospects of fresh support from the Federal Reserve and Bank of Japan also supported global equity markets. At the beginning of his two-day testimony before Congress, Fed Chairman Jerome Powell said a full recovery was unlikely until the public is confident the disease had been contained.

"We got potentially more positive news in the fight against COVID-19."