(Bloomberg) -- Asian stocks looked set for a muted session in holiday-hit trading as investors mulled new measures from the Federal Reserve to cushion the fallout from the coronavirus. U.S. shares closed higher.

Futures in Japan were little changed with Australia, Hong Kong, India, and Singapore among markets closed for holidays. U.S. stocks capped their biggest weekly gain since 1974 as investors looked past staggering jobless numbers to another series of sweeping steps from the Fed to provide as much as $2.3 trillion in additional aid. Meanwhile, Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, said U.S. fatalities from Covid-19 may be far fewer than earlier projections. Treasury yields fell, the dollar retreated and some of the biggest ETFs tracking corporate bonds surged.

As fresh evidence of the economic toll from the coronavirus pandemic floods in, investors are choosing to focus on unparalleled support from global policy makers. The Fed will wade into the municipal-bond market to an unprecedented degree, can now purchase “fallen angel” bonds from companies that have recently lost their investment-grade ratings, and has expanded its Term Asset-Backed Securities Loan Facility to include top-rated commercial mortgage-backed securities and collateralized loan obligations.

Meantime, European Union finance ministers agreed on a 540 billion-euro ($590 billion) package of measures to combat the economic fallout of the global pandemic.

“The Fed news is really bullish (along with global fiscal news) if we have confidence on ways to deal with the Covid bounce-back and ultimate vaccine solution,” said Dennis DeBusschere, head of portfolio strategy at Evercore ISI. “So positive outcomes on that front lead to fair value estimates going up, improving the risk reward from this level.”

Elsewhere, oil slipped, reversing earlier gains, as investors saw OPEC+ supply-curb proposal as insufficient to offset estimates for demand destruction from the Covid-19 outbreak. European government bonds gained amid reports that Italy, Spain and the U.K. may extend lockdowns to combat the coronavirus outbreak.

These are the main moves in markets:

Stocks

  • Futures on Japan’s Nikkei 225 were little changed.
  • The S&P 500 rose 1.5% Thursday.
  • Europe’s Stoxx 600 rose 1.6% Thursday.

Currencies

  • The yen was at 108.49 per dollar.
  • The offshore yuan traded at 7.0596 per dollar.
  • The euro bought $1.0927.

Bonds

  • The yield on 10-year Treasuries fell five basis points to 0.72% Thursday.

Commodities

  • West Texas crude fell 9.3% to $22.76 a barrel Thursday.
  • Gold was at $1,684 an ounce.

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