Global stock markets and U.S. futures rallied on hopes for a strong recovery from the coronavirus pandemic and a signal from Chinese state media suggesting investors should support a local bull market.

The Shanghai Composite Index gained 5.7% to reach 3332.88, its highest close since February 2018. Brokerages, banks, miners, aviation companies and developers led the rally. U.S. futures tied to the S&P 500 rose 1.3%. The pan-continental Stoxx Europe 600 climbed 1.7% with regional indexes in Germany and France among the…

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