TOKYO: Asian shares extended their rally on Wednesday in the wake of Wall Street’s massive rebound as the U.S. Congress appeared closer to passing a US$2 trillion stimulus package to mitigate the economic blow from the coronavirus pandemic. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.7per cent with Australian shares jumping 3.4per cent and South Korean shares gaining 3.5per cent. Japan’s Nikkei surged 4.8per cent. “Japanese shares have been bolstered by aggressive buying from the Bank of Japan and pension money this week. That has prompted hedge funds to cover their short positions,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. On Tuesday, MSCI’s gauge of stocks across the globe rallied 8.39per cent, the largest single-day gain since the wild swings seen during the height of the global financial crisis in October 2008. It rose another 0.8per cent in Asia on Wednesday. On Wall Street, the Dow Jones Industrial Average soared 11.37per cent, its biggest one-day percentage gain since 1933. Yet, much of the large gains in stock markets pale in comparison with the brutal selloff of the past few weeks as investors braced for a deep global recession in the wake of sweeping… Read full this story
- Even bonanza profits may not be enough for Wall Street
- 'Peak' earnings concerns spook Wall Street
- Coke Versus Pepsi of Drugmakers? Wall Street Doesn't Buy It
- Seven Things Wall Street Wants to Know From Elon Musk
- Asian shares rise, Wall Street bolstered
- Wall Street Breakfast: Eurozone Growth Outpaces The U.S.
- Facebook beat Wall Street revenue projections with user numbers on target despite data privacy scandal
- Seoul and won rally as summit starts, while Asia tracks Wall St up
- Asia markets rise as Seoul, won extend gains after Moon-Kim talks
- Google's new spending surge shows a company playing catch-up
Asia rides Wall Street surge as investors place hopes on US stimulus have 298 words, post on www.channelnewsasia.com at March 25, 2020. This is cached page on Vietnam Dance. If you want remove this page, please contact us.