Asian shares rise, Aussie continues growth on recovery signs
With investors fending off concerns that stocks may have rallied too far too fast in 2020, Asian shares traded higher on Wednesday. This as investors shifted their focus on up and coming massive U.S. stimulus that will drive global economic recovery.
MSCI’s broadest index of Asia-Pacific shares outside Japan improved 0.44%. Japan’s Nikkei stock index added 0.03% and Chinese shares were up 0.63%. Australian shares gained 0.62%.
Meanwhile, E-mini S&P futures traded 0.23% higher. After a stellar performance at the start of the month, Wall Street performed lower with the S&P 500 recording its nine-month high.
The Australian dollar continued strong outputs, soaring to $0.7828 after better-than-expected economic growth in the fourth quarter drove optimism for a V-shaped recovery from the coronavirus pandemic.
For crypto news, bitcoin closed 0.62% higher as it ended Wednesday trade at $48,814. The largest cryptocurrency is 69% higher so far this year as it widens its use in mainstream financial circles.