Asian shares gain on Biden’s stimulus; weak yields drive tech up
Asian share markets recorded an upbeat performance on Friday as U.S. President Joe Biden finally signed a $1.9 trillion stimulus bill into law. More so, markets’ strong sessions could partly be attributed to a decline in bond yields, greatly minimizing inflation-related concerns.
MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.45% during its early Friday trade. The increase was mainly from tech-related shares’ strong gains. South Korea’s KOSPI jumped 1.12%, while Taiwan shares traded 0.21% higher. Australia’s ASX 200 gained 0.85%.
Bond yields’ overnight decline greatly supported the markets. Biden’s enactment of its stimulus package also boosted the indexes as he pledged to expedite vaccine rollouts and nationwide inoculation.