Asian Stocks Soar On the Back of Imminent U.S. Stimulus Package
Investing.com
Published Mar 24, 2020 11:01PM ET
Updated Mar 24, 2020 11:15PM ET
By Gina Lee
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Investing.com - Asian stock markets continued their rally on Wednesday morning as the U.S. Senate neared agreement on a massive stimulus package.
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Tuesday’s announcement that a deal was imminent raised investor hopes that the $2 trillion package would be passed after two failed attempts.
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Japan’s Nikkei 225 led the gains, rising 5.41% by 10:45 PM ET (2:45 AM GMT) despite an announcement overnight that Tokyo’s 2020 Olympic games are now postponed to 2021.
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South Korea’s KOSPI gained 3.82% and the ASX 200 rose 1.79%.
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Hong Kong’s Hang Seng Index was up 2.24%. China’s Shanghai Composite was up 1.71% while the Shenzhen Component was up 2.9%.
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Some investors sounded a note of caution as talks for a giant stimulus package in the U.S. spilled over into Wednesday.
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“I feel very good being in cash right now because there are going to be phenomenal opportunities when the stimulus is finalized and if we look forward a month or two,” Carol Pepper, Pepper International chief executive officer, told Bloomberg.
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“We still need to see a slowing of the virus cases and a peaking in the U.S., because until then we’ll have these huge relief-rally days and then we’ll get a scary day and the market will plunge down again,” she added.
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The number of COVID-19 cases also continues to rise. The World Health Organisation said that there are 375,498 cases and 16,362 deaths globally as of March 24.
Written By: Investing.com
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