Asian shares rally on outlook-driven sentiment
Asian share markets rallied on Thursday. The series of gains could be attributed to investors’ enthusiasm over stimulus packages and global economic recovery, with much of their focus now deviated from GameStop and silver.
MSCI’s broadest index of Asia-Pacific shares outside Japan saw a 1.25% increase during its mid-morning trade. Hong Kong’s Hang Seng index gained 1.7%, while China’s benchmark index CSI300 traded 0.33% higher. Japan’s Nikkei, on the other hand, recorded a 0.67% jump.
The markets were seen upbeat ahead of Tuesday’s stimulus-related meeting between U.S. President Joe Biden and Republican senators. The GOP proposed a stimulus plan worth $618 billion, just a third of what was initially proposed by Biden. In turn, Democrats filed a joint $1.9 trillion budget measure in an attempt to bypass the other party.