Asian shares hit a record high after Yellen calls for big spending

Asian shares hit a record high after Yellen calls for big spending

Asian shares climbed to a record high on Wednesday as U.S. Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world’s largest economy ride out a pandemic-driven slump.

At her confirmation hearing on Tuesday, she said the benefits of a big stimulus package are greater than the expenses of a higher debt burden.

U.S. President-elect Joe Biden, who will be sworn into office on Wednesday, last week laid out a $1.9 trillion stimulus package proposal to boost the economy and speed up the distribution of vaccines.

“There will be a large-scale fiscal spending. The Fed is seeking to achieve two percent inflation and full employment, which still look distant, so it will keep interest rates low for some time and market sentiment should remain robust,” said Yoshinori Shigemi, macro strategist at Fidelity International.

MSCI’s Asia-Pacific index outside Japan rose 0.95%, reaching its highest level ever.

Hong Kong’s Hang Seng rose 1.0% to approach its 2019 peak while Australian shares added 0.6% to reach an all-time high. Japan’s Nikkei 225, however, slipped 0.45% on profit-taking.

The U.S. Nasdaq futures gained 0.4%, with Netflix hares jumping 12.6% after the bell as the streaming pioneer reported strong growth in subscribers and projected it will no longer need to raise debt.

Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.14% to 3,56741. Hong Kong’s Hang Seng Index was up about 0.70% to 29,862.00.

Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.48 per cent at 28,517.00 on Wednesday, while the broader TOPIX  100 fell 0.56 per cent to 1,205.88. South Korea’s Kospi was up by 0.57% to 3110.75.



Asian Stocks

About Author

Related posts

Bitcoin prices

Bitcoin’s outlook for the quarter is bright, Miami conference to be majorly influential.

Bitcoin prices are up 0.14% at $46662.51 on early Tuesday trades. In Q1, Bitcoin prices witnessed a bearish trend, closing near its opening for the quarter, declining around 5%. Many analysts believe that Bitcoin is poised to break out and soar after a bout of profit-taking. The second quarter,...

Read More
Top 5 Stock

Top 5 Stock To Watch out Today March 31, 2022

1.MOODY’S:- Moody’s  said on Thursday it has withdrawn all ratings on Russia and its rated Russian sub-sovereign entities. The company said it had decided to withdraw the ratings for its own business reasons. Last week, Moody’s had announced its intention to withdraw its credit ratings on the entities, following similar...

Read More
Top 5 Stock

Top 5 Stock To Watch out Today March 30, 2022

1.UBS:-UBS spent 3.81 billion Swiss francs ($4.10 billion) repurchasing its shares equivalent to 6.49% of its share capital in its 2021 buyback, the Swiss bank said on Wednesday. The cancellation of most of the repurchased shares will be proposed at the bank’s upcoming shareholder meeting on April 6. The...

Read More