GLOBAL MARKETS-Asia shares set for early gains as focus swings to recovery

* Asian stock markets: https://tmsnrt.rs/2zpUAr4

By Chris Prentice
WASHINGTON, May 20 (Reuters) - Asian shares were poised to
open higher on Thursday after global equities and crude prices
rallied overnight on hopes of a rapid economic recovery and
government support.
Hong Kong futures HSIc1 edged higher. Nikkei futures
NKc1 were trading above the Nikkei 225 index's .N225
previous close. Australian shares were also set to rise.
Global equities have received a boost this week as
governments around the world gradually loosened their
coronavirus lockdown restrictions, raising investor hopes the
economic impact of the pandemic would be short-lived.
MSCI's gauge of stocks across the globe .MIWD00000PUS
broke out of a three-week trading range overnight, and oil
prices LCOc1 rallied as U.S. data showed declining inventories
and firming demand. On Wall Street, the Dow Jones Industrial Average .DJI rose
1.52%, the S&P 500 .SPX gained 1.67%, and the Nasdaq Composite
.IXIC added 2.08%.
"A solid night for risk, with equities working, crude and
copper pushing higher and again that should spill over into Asia
trade," Chris Weston, head of research at Melbourne-based
brokerage Pepperstone, said in a note.
Copper prices hit a two-month high ahead of a Chinese
government meeting this week that is expected to boost demand
with pledges of higher spending on infrastructure. Minutes from the U.S. Federal Reserve's April meeting
released on Wednesday showed policymakers affirmed a pledge to
keep interest rates near zero until they are confident the
economy is on track to recovery. The euro EUR= opened higher as the U.S. dollar sank
against major currencies. The common currency was buoyed by a
proposal for a common fund that could move Europe closer to a
fiscal union as it tries to counter the hit from the coronavirus
pandemic Gold prices XAU= were slightly lower, under pressure from
increased risk appetite, which lifted equities. Earlier, bullion
was boosted by doubts about the development of a coronavirus
vaccine and a wave of government stimulus. The World Health Organization expressed concern on Wednesday
about the rising number of new coronavirus cases in poor
countries, even as many rich nations have begun emerging from
lockdown. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Tracking the spread of the novel coronavirus https://graphics.reuters.com/CHINA-HEALTH-MAP/0100B59S39E/index.html
FACTBOX-Global economic policy response to the coronavirus
crisis ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>