Asian shares hit record high as investors bet on recovery next year

Asian shares hit record high as investors bet on recovery next year

Asian share markets resumed their ascent on Monday as investors pinned their hope on vaccines to eventually deliver a global economic upturn, even as a possible tightening in virus rules for Tokyo pulled Japanese stocks off 30-year highs.

After a slow start, MSCI’s broadest index of Asia-Pacific shares outside Japan swung 0.8% higher to hit another all-time peak.

South Korea climbed 2% to a record, led by the chip and auto sectors, while Chinese blue chips added 0.3%.

E-Mini futures for the S&P 500 were steady after also touching a record high. EURO STOXX 50 futures were flat, while FTSE futures rose 0.4%.

Investors are still counting on central banks to keep money cheap while coronavirus vaccines help revive the global economy over time, though much of that optimism is already priced in and the virus still spreading.

Japan’s Nikkei shed early gains to fall 0.4% after Prime Minister Yoshihide Suga confirmed the government was considering a state of emergency for Tokyo and three surrounding prefectures.

Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up  by 0.91 % to 3,504.95. Hong Kong’s Hang Seng Index was up  about 0.70% to 27,419.50.

Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.74 percent at 27,238. on  Monday, while the broader TOPIX  100 fell 0.44 percent to 1,167.23. South Korea’s Kospi was up by 2.43% to 2942.91.

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