People wearing protective face masks, following an outbreak of the coronavirus, are reflected on a screen showing Nikkei index, outside a brokerage in TokyoMore

By David Henry

NEW YORK (Reuters) – Global stocks and crude prices were set to extend gains in Asia on Wednesday on confidence that government steps to restart economies will bring back growth and demand for oil.

Futures on major U.S. and Hong Kong stock indexes were up following gains in a global stock index and an oil price surge of as much as 25%.

Financial markets had mostly dismissed grim economic losses from the coronavirus pandemic, but had second thoughts later in the day, trimming gains after downbeat comments from a senior member of the U.S. Federal Reserve.

Futures for the S&P 500