Asian shares gain on dovish Fed, Biden’s new stimulus
Asian share markets advanced during their early trading session on Thursday. This followed after the Federal Reserve said that it was still early to cut its emergency support for the economy, with U.S. President Joe Biden’s new fiscal stimulus also supporting investors’ risk appetite.
MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.1% jump. South Korea’s KOSPI edged 0.7%, while shares in Taiwan hiked 0.48%. An increase in oil prices sent Australian shares up 0.31%.
Fed Chair Jerome Powell said that the central bank would not discuss any change in its policy, reaffirming its accommodative interest rates and bond-buying scheme. Powell’s dovish remarks came ahead of Biden’s announcement of rolling out another stimulus package worth $1.8 trillion.