| A virus vaccine may arrive sooner than the 12 to 18 months first predicted. Australia's credit market is sending a message to the nation's central bank: more help is needed. And lenders worldwide have pledged more than $31 billion to major airlines beleaguered by the virus. Here are some of the things people in markets are talking about today. A vaccine to halt the coronavirus pandemic could be available as early as this year for vulnerable groups such as health-care workers. The Coalition for Epidemic Preparedness Innovations, which is funding nine different coronavirus vaccine projects, had previously suggested a shot could be ready within 12 to 18 months, an already ambitious target. That assessment didn't account for the possibility of companies working closely together to accelerate the process, faster enrolment in human trials and other factors, according to Richard Hatchett, the head of the Oslo-based organization. With the number of coronavirus infections now past the 3 million mark, the pressure is growing to come up with therapies and vaccines to combat the contagion. Dozens of companies around the world are pursuing a vaccine, among them Sanofi, Johnson & Johnson and Moderna. The news come as a study finds the virus lingers in the air of crowded spaces. Here are the latest developments on the pandemic. Asian stocks looked set for modest gains after U.S. stocks climbed to a six-week high amid moves toward re-opening major economies. The dollar weakened and oil took another dive. Futures pointed higher in Japan, Australia and Hong Kong after the S&P 500 Index closed at its highest since March 10. West Texas oil futures in New York slumped below $13 a barrel amid a glut of crude and selling by the biggest oil exchange-traded-fund. Treasury yields rose amid a report that European regulators will provide banks with a fourth round of capital relief and further stimulus measures from the Bank of Japan Monday. Australia's credit market is sending a message to the nation's central bank: The unprecedented monetary easing is helping — but more is needed. The country's corporate bonds have lagged a rally in credit this month, since the quantitative easing unveiled by the Reserve Bank of Australia in March avoids steps pursued elsewhere to buy local company debt. Average spreads on Australian dollar notes have declined from an April peak but are still up about 4 basis points this month. That compares with a slide of about 63 basis points in spreads on U.S. dollar securities in the period. The RBA has bought government bonds since March, and for credit has focused on helping financial institutions, given that bank lending is generally a more important stream of funds in Australia than corporate notes. The moves have helped improve liquidity in markets and boost fundraising. Local issuers sold A$3.9 billion ($2.5 billion) of Australian dollar-denominated notes in April, almost as much as the same month last year. That's up from just one offering of A$45 million in March. SoftBank's 5G wireless service in Japan is living up to the hype in at least one respect — internet speeds are blazingly fast, even by the standards of one of the most connected countries in the world. The carrier's month-old fifth-generation network topped out at 1.1 gigabits per second for downloads and about 30 megabits for uploads in tests carried out by Bloomberg News in Tokyo. But there are significant pieces still missing that are preventing mass adoption: Coverage is severely limited for now, there's little in the way of appealing content to capitalize on all that extra bandwidth, and mobile data plans have yet to be revised to account for the much-increased consumption that 5G portends. Japanese telcos and their counterparts in South Korea and China have pressed ahead with deployment of next-generation networks despite global coronavirus woes. But the coverage in Japan is still so thin that the three major carriers have all resorted to posting addresses of the exact locations where early adopters can get 5G bars. Lenders worldwide have pledged more than $31 billion of loans to major airlines scrabbling to line up funding as the coronavirus pandemic forces them to ground their fleets. Companies from the Americas account for bulk of the borrowings with almost $20 billion in total, according to data collated by Bloomberg. In the dash to secure financing, airlines have either been drawing down from on existing credit lines or taking on new loans. The pandemic poses an unprecedented challenge to aviation and tourism with airports around the world shuttered by governments seeking to stem the spread of the virus. The response from airlines has been a stampede to borrow from governments and banks. As well as the loans to U.S. carriers, European airlines have raised 6.83 billion euros ($7.4 billion) since March 9, while Asian firms have lined up $4.1 billion. The International Air Transport Association has repeatedly warned the health crisis could bankrupt half the world's airlines, pushing countries such as France and the Netherlands to prepare state bailouts. What We've Been Reading This is what's caught our eye over the past 24 hours. And finally, here's what Tracy's interested in this morning That a stronger U.S. dollar puts pressure on emerging markets is well-known by now. But it's probably worth looking at exactly how that pressure comes about in the corporate space. For a start, EM companies can have their costs fixed in U.S. dollars but get their revenues in local currency. As the dollar rises, so do input costs, while revenue generated from sales stagnates. Secondly, EM companies have sold lots of dollar-denominated debt in recent years. As the value of the dollar increases, so do funding costs (unless they've hedged their currency exposure).  It's a double-whammy for EM corporates that — combined with the general transport chaos and spending slowdown sparked by the Covid-19 outbreak — creates a toxic mix. Take Japfa Comfeed, an Indonesian poultry supply company that was one of South East Asia's best-performing stocks in late 2018. Analysts at CreditSights estimate that the vast majority of Japfa's sales are in Indonesian rupees, while more than a third of its costs are in U.S. dollars. It's also sold a dollar bond. The Indonesian rupee, meanwhile, is not far from its all-time low. You can follow Bloomberg's Tracy Alloway at @tracyalloway. For the latest virus news, sign up for our daily podcast and newsletter. | 
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