Singapore/New York — Asia’s stock markets fell and gold hit a one-week high on Thursday as worries about a second wave of coronavirus infections and a dour assessment of the future from the head of the US Federal Reserve dashed hopes for a quick recovery.

Fed chair Jerome Powell warned of an “extended period” of weak economic growth, while vowing to use the US central bank’s power as needed and calling for additional fiscal spending to stem the fallout from the pandemic...

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