Asian shares edge higher on lockdown easing, oil gains
Asian shares advanced for three consecutive sessions on Wednesday. The upbeat market mood was mainly from investors’ enthusiasm that lockdown restrictions will be lifted in some parts of the world while oil prices recovered on optimism that demand will pick up.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6%, with this week’s performance already hitting 3.3%. Australian shares increased by 1.2%, with earnings partly from energy and resources firms. Blue-chip index .CSI3400 gained 0.6%.
Risk assets including equities were all active for most of this month. The positive trading session was brought by large volumes of fiscal and monetary stimulus aimed at alleviating the world economy from the damage of the pandemic.
Investors’ confidence was generally upbeat as some parts of the United States, Europe, and Australia are reopening their economies gradually. Moreover, news about potential treatments against the deadly respiratory disease had also brought relief to investors.