| The Trump administration is planning to expedite a virus vaccine. China traders are praying for more stimulus ahead of a key annual meeting in May. And cash-strapped Australian companies have raised more money through follow-on stock offerings this month than ever before. Here are some of the things people in markets are talking about today. The Trump administration is planning "Operation Warp Speed," a Manhattan Project-style effort pulling together private pharmaceutical companies, government agencies and the military to try to cut the development time for a vaccine by as much as eight months, according to two people familiar with the matter. As part of the arrangement, taxpayers will shoulder much of the financial risk associated with failed vaccine candidates, instead of drug companies. Meanwhile, Gilead said its experimental treatment remdesivir helped patients recover faster, sending stocks higher. It also prompted Anthony Fauci, the U.S. government's top infectious-disease expert, to call the result "quite good news". New York reported a fourth day of declining deaths, and elsewhere, France and Spain took cautious steps toward lifting restrictions. New cases rose for the first time in three days in Germany as the government weighs removing more curbs. Around the world, cases have now topped 3.1 million, with deaths surpassing 226,000. Here are the latest developments on the pandemic. Asian stocks were primed for gains on the final day of the month after U.S. equities advanced with Treasury yields on optimism from earnings and signs of progress in treating the coronavirus. The dollar fell. Futures on equities rose in Tokyo and Sydney, with Hong Kong shut for a holiday. The S&P 500 Index earlier gained more than 2.5% to touch a seven-week high. Gilead Sciences Inc. said its experimental drug helped Covid-19 patients recover faster. The Nasdaq Composite Index rose to within 1% of erasing losses for the year, led by Alphabet after it reported an ad-sales slowdown that wasn't as bad as expected. Oil futures rebounded after plunging more than 25% in two sessions. Cash-strapped Australian companies have raised more money through follow-on stock offerings this month than at any other point on record, according to data going back to December 1994. So what scale are we talking? Listed Australian companies have raised A$11 billion ($7.2 billion) from equity placements in April to weather the coronavirus pandemic, data compiled by Bloomberg show. It's been even busier than the depths of the financial crisis in November 2008, when listed firms sold A$7.4 billion of new stock. More than 60 companies have offered new, discounted shares to shore up their balance sheets since April 1, underscoring how deeply the economic shutdown has cut into corporate Australia's cash flows and how uncertain relief from the restrictions still remains. Investors in China are counting on more stimulus from Beijing as the catalyst that will put a charge in the country's languishing financial markets. That's down to expectations the government will announce additional measures to boost consumption and investment at the key annual meetings of the country's top legislature next month, which will also map out economic targets. This year's session, set to start May 22, will be later than usual due to the coronavirus outbreak. While China's markets have stabilized in recent weeks, investors are no longer seeing the world-beating returns of earlier this year. The Shanghai equity benchmark is lagging behind the MSCI index of global stocks this month by the most in almost two years. The yuan is little changed, while the yield on 10-year sovereign debt has held near an 18-year low. With companies reporting first-quarter earnings, investors are starting to see the impact of the economic shutdown on bottomlines. Still, China has already started handing out vouchers to get people shopping. The world economy is entering a new stage of the coronavirus crisis as governments inch toward easing restrictions. It's a phase that entails stark trade-offs between economic growth and risking another wave of infections and death. Some countries, like China and South Korea, are firing up their economic engines already, having contained the virus — for now at least. Others, including hard-hit Italy and the U.S., are preparing to reopen their wounded economies even as they fight to get a lid on infections. It's clear that the longer the lockdowns endure, the steeper the economic blow. But China's experience demonstrates reopening won't happen overnight — March data showed production was recovering but consumers remain wary. Meantime, Singapore presents a cautionary tale for those reopening. The city-state has seen a second wave that's prompted stricter and extended restrictions, with an accompanying deeper blow to the economy anticipated. What We've Been Reading This is what's caught our eye over the past 24 hours. For the latest virus news, sign up for our daily podcast and newsletter. | 
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