Asian markets win after Trump signs stimulus bill

Asian markets win after Trump signs stimulus bill

<p>BEIJING – Asian stock markets rose on Monday after President Donald Trump signed a $ 900 billion economic aid package, helping to reduce uncertainty as governments reimpose travel and business restrictions in response to a new variant of the coronavirus.

Mostly, Shanghai, Tokyo and Hong Kong rose as traders returned to work after a three-day Christmas weekend.

Trump signed the measure, which also includes money for other government functions until September, although he expressed frustration that the $ 600 payments to the public weren’t larger. His signing over last-minute objections helped dispel uncertainty as the recovery in travel and business threatened to weigh on global economic activity.

“The stimulus ball will allow markets to better navigate the number of new air pockets appearing on the radar due to the latest variant of the virus,” Axi’s Stephen Innes said in a report.

The Shanghai SHCOMP Composite Index, + 0.30%, gained 0.3% and the Nikkei 225 NIK, + 0.64% in Tokyo, rose 0.7%. The Hang Seng HSI, -0.00% in Hong Kong was roughly stable.

In Seoul, the Kospi 180721, + 0.83% was up 0.83%, and Taiwan Y9999, + 0.87%, Singapore STI, + 0.25% and Indonesia JAKIDX, + 0.91% have progressed. Australian markets have been closed.

On Wall Street, the benchmark S&P 500 SPX, + 0.35%, gained 0.4% to 3,703.06 Thursday on its last trading day before Christmas. The Dow Jones Industrial Average DJIA Index, + 0.23% rose 0.2% to 30,199.87. The Nasdaq Composite COMP, + 0.26%, rose 0.3% to 12,804.73.

Investors have been encouraged by the development of coronavirus vaccines, but that optimism has been marred by the discovery of the new, more contagious variant.

South Korea reported its first cases of the new variant in three people who had arrived from Britain on Monday. Over the weekend, Japan also reported cases and reimposed limits on entry into the country for non-resident aliens. He also said Japanese and foreign residents would be required to show coronavirus test results on arrival and observe quarantines.

In energy markets, benchmark US crude CLG21, -0.25%, lost 9 cents to $ 48.14 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, the contract rose 11 cents to close at $ 48.23. Brent BRNG21, -0.33%, the basis of international oil pricing, fell 12 cents to $ 51.22 per barrel in London. It rose 9 cents the previous session to $ 51.29 a barrel.

The dollar USDJPY, + 0.06% fell to 103.55 yen from Friday’s 103.68 yen.