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Wall Street ended the session in positive territory and the dollar dipped to its lowest in more than two years on Wednesday, the penultimate trading day in a remarkable year of pandemic, recession and recovery.
Asian stocks jump as investors stick to bullish view MSCI’s gauge rises to record high led by gains in Chinese shares 30 December 2020 - 07:25 Hideyuki Sano Foreign exchange traders monitor screens in Tokyo, Japan. Picture: GETTY IMAGES/CARL COURT
Tokyo Asian shares hit a record high on Wednesday as investors bet on a strong economic recovery next year, as there is little sign policymakers wind back huge stimulus efforts aimed at staving off coronavirus-fuelled downturns.
MSCI’s gauge of Asia-Pacific shares excluding Japan rose 0.6% to hit a record high, led by gains in Chinese shares, bringing its gains so far this year to 18.2%.
Convictions that global monetary authorities will continue to pump liquidity into the banking system to support the pandemic-stricken economy underpin risk assets. We think continued monetary and fiscal policy support means investors should take risk. Stocks will do better than bonds. Within bonds, corporate bonds should beat government bonds, said Hiroshi Yokotani, head of Asia-Pacific fixed-income business at State Street Global Advisors.
E-Mini futures for the S&P 500 edged up 0.13 per cent, paring much of the losses made in the previous day after US Senate majority leader Mitch McConnell put off a vote on President Donald Trump s call to boost Covid-19 relief cheques.
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