Stocks in Asia were set to trade higher on Thursday following a record for the Dow Jones Industrial Average on Wall Street overnight.
Those moves came as the pace of new reported cases of the ongoing coronavirus outbreak appears to be slowing down — recently hitting their lowest levels since late January. Chinese lawmakers have also taken steps to curb a possible economic downturn from the coronavirus.
" fears are starting to lessen as the number of new deaths and cases decelerate," Tapas Strickland, an economist at National Australia Bank, wrote in a note. COVID-19 is the official name given by the World Health Organization for the virus that was first reported in Wuhan, China. "For markets, the development has come 'like a little prayer' that has been answered and risk sentiment continues to improve," Strickland said.
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