Asian shares advance higher on stimulus, vaccine optimism

Asian share markets were seen upbeat on Tuesday. This was mainly from investors’ high-risk appetite backed by hopes for a coronavirus vaccine and the possibility of a deal by European Union leaders to save their ailing economies.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 1.5%, placing near its four-month high seen earlier this month. Japan’s benchmark index Nikkei recorded a 0.6% gain.

On Wall Street, technology-related shares soared after being stagnant for several days. This drove the Nasdaq Composite up 2.51%, hitting a high on Monday. The S&P 500 reached a five-month high.

Euro Stoxx 50 futures tallied a 0.25% earning in Asian trade, placing near their highest level since early March. Meanwhile, European Union leaders seem to be finalizing a stimulus-related agreement to alleviate their virus-beaten economies.