HONG KONG Most Asian equities retreated Wednesday after a two-day rally as investors closely track developments in the coronavirus crisis, while the oil market continued to fluctuate ahead of a crucial producers’ meeting. While the deadly disease continues to sweep across the planet, signs that the rate of infections is possibly levelling out and countries are preparing to ease some lockdown restrictions have instilled a semblance of optimism this week. However, the scale of the fight was laid bare by official data showing France’s economy suffered its worst contraction during the first three months of this year since just after World War II. The French central bank said that in the last two weeks of March, as the coronavirus crisis deepened, economic activity plunged 32 percent. “Signs that the number of new daily coronavirus cases is topping out in Western Europe… is driving expectations that social distancing measures will be lifted soon,” said Stephen Innes, at AxiCorp. “Relaxing of social distancing rules is providing the undercurrent of positivity in the markets.”—AFP
