Asian shares ease, stimulus hopes support sentiment
After reaching their milestone peaks the previous day, Asian share markets retreated from high grounds on Friday. However, the prospect of a massive stimulus package in the United States greatly supported investors’ appetite for stocks and other risky assets.
MSCI’s broadest index of Asia-Pacific shares outside Japan saw a 0.3% decline, easing from Thursday’s historic record. While the index declined, it is still expected to record its longest win streak in about a year as it approached a seven-week high.
Japan’s benchmark index Nikkei traded 0.2% lower after it encountered resistance of about 27,000. S&P 500 e-minis shed 0.15%, performing weakly after their underlying index recorded an all-time high of 0.58%. Despite the market’s downbeat performance, global equities were seen steady as investors held high hopes for a major stimulus package in the United States.