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Asian shares climbed to a near two-month peak on Wednesday as investors took heart from easing coronavirus lockdowns in some parts of the world, better-than-expected corporate earnings and a welcome rebound in oil prices.

British clothing retailer Next said on Wednesday total product sales in its latest quarter crashed 41%, reflecting the closure of all its stores in the coronavirus lockdown and the temporary shutdown of its online operations.

Standard Chartered PLC on Wednesday said it expects virus-battered economies to recover later this year, striking an optimistic note after increased credit impairment and provisions for future loan losses pushed first-quarter profit down 12%.

Malaysia's AirAsia Group Bhd said on Wednesday it did not intend to take any new aircraft deliveries this year due to the sharp fall in demand from the coronavirus crisis and was relooking at its order book with Airbus SE .

Novartis on Wednesday won a new European approval for its inflammation drug Cosentyx in a form of arthritis, as the Swiss drugmaker predicts broadening use of its top-selling medicine will eventually push annual sales beyond $5 billion.

Planemaker Airbus on Wednesday posted a 49% slump in first-quarter adjusted operating profit to 281 million euros ($304.7 million) as revenue dropped 15% to 10.631 billion euros amid the "gravest crisis the aerospace industry has ever known".

The U.S. economy likely contracted in the first quarter at its sharpest pace since the Great Recession as stringent measures to slow the spread of the novel coronavirus almost shut down the country, ending the longest expansion in the nation's history.

Garbage haulers still collect trash. Cops are on the beat. Couriers deliver food and packages. Insurance agents work from home.

Boeing Co is working with investment banks on a multibillion-dollar bond-fueled financing package, aiming to shore up its balance sheet amid a sharp travel downturn from the pandemic, three people familiar with the matter said on Tuesday.

Planemaker Airbus posted on Wednesday a 49% slump in first-quarter adjusted operating profit to 281 million euros ($304.7 million) as revenues fell 15% to 10.631 billion amid the "gravest crisis the aerospace industry has ever known".

Standard Chartered PLC said on Wednesday its first-quarter profit tumbled 12%, as the emerging markets-focused bank boosted provisions against bad loans as the coronavirus crisis hammers its borrowers.

Top Trump adminstration officials on Tuesday predicted a strong economic rebound in the fourth quarter as the coronavirus fades, but a senior White House adviser warned that near-term unemployment and GDP data will be a "very grave" negative shock.

Asian shares rose for a third session on the trot on Wednesday as investors took heart from easing coronavirus lockdowns in some parts of the world while oil prices jumped on hopes demand will pick up.

Samsung Electronics Co Ltd said on Wednesday it expected profit to decline in the current quarter due to a coronavirus-related slump in sales of smartphones and TVs, although the chip business would remain solid.

Asian shares were cautiously higher on Wednesday as investors paused ahead of the U.S. Federal Reserve's policy decision while oil prices jumped on hopes demand will pick up as many countries lift some of the coronavirus-related restrictions.

Samsung Electronics Co Ltd said on Wednesday it expected its profit to decline in the current quarter, as strength in the chip business would be offset by a sales slump in smartphones and TVs.

Asian equities made cautious gains in early trade on Wednesday following mixed U.S. corporate earnings while oil prices looked set for more wild swings as storage concerns capped optimism about easing coronavirus lockdowns.

Samsung Electronics Co Ltd said its operating profit rose 3% in the January to March period, in line with its earlier estimate, as the stay-at-home trend due to the COVID-19 pandemic cushioned the virus blow.

Ford Motor Co said on Tuesday its second-quarter loss would more than double to over $5 billion from $2 billion in the first quarter due to the impact of the coronavirus pandemic, but added it had enough money despite the crisis to last the rest of 2020.

Starbucks Corp said on Tuesday it sees sales in China, the company's biggest growth market, recovering by the end of September, following a massive drop in same-store sales in the current quarter on fallout from the coronavirus pandemic, which forced Starbucks to close stores around the globe.