Asian shares extend November rally on recovery hopes
Asian share markets started strongly on the first day of December. The series of increases came after investors’ sentiment was greatly supported by the prospect of a vaccine-driven economic recovery, upbeat manufacturing figures from China, and larger volumes of fiscal and monetary support.
MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 1.08% increase, rallying further after a milestone peak of 9% in November. Meanwhile, China’s blue-chip index gained 1.56% backed by strong manufacturing figures in China.
Japan’s benchmark index Nikkei hiked 1.34%, while South Korean shares tallied a 1.5% gain. Australia’s S&P /ASX 200 advanced 1% as the country’s central bank announced the economy’s need for prolonged fiscal and monetary support.