Asian market rises on expectations of stimulus in the U.S.
Asian market rises on expect...
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Asian market rises on expectations of stimulus in the U.S.

17 December 2020
2944
1 min.
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Asian market rises on expectations of stimulus in the U.S.

Asian markets rally

Asia-Pacific stock indices were broadly up on Thursday morning as they continue to wait to see whether the US Congress can come to a consensus on the latest stimulus measures.

Japan's Nikkei 225 index was up 0.09% by 9:56pm ET (02:56am GMT), while South Korea's KOSPI was down 0.64%.

Australia's ASX 200 index was up 0.87%.

Hong Kong's Hang Seng rose 0.12%.

China's Shanghai Composite added 0.33% and Shenzhen Component fell 0.31%.

As talks on the stimulus package continue in the US CongressSenate Majority Leader Mitch McConnell said: "We can get it done".

Investors are still waiting to see if McConnell can pull it off together with congressional Republicans and Democrats. Both parties, as reported on Wednesday, are "getting closer" to approving a $900 billion stimulus bill, and are also working to pass a $1.4 trillion spending bill by Friday for the fiscal year beginning October 1 to avoid a government shutdown.

The US Federal Reserve concluded its two-day monetary policy meeting on Wednesday. In its policy decision on the same day, the Fed reinforced its commitment to support the US economy and pledged to maintain its massive asset purchase programme until it sees "substantial further progress" on employment and inflation. Fed Chairman Jerome Powell added that the case for fiscal stimulus is "very strong" as the country continues to struggle with a second wave of COVID-19.

Following the US Fed, the Bank of England and the central banks of Mexico, Switzerland and Indonesia will issue policy decisions today. The Bank of Japan and the Bank of Russia will issue their decisions on Friday.

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