Asian shares advance on recovery-induced sentiment

Asian share markets recorded an upbeat performance on Wednesday. The series of gains were mainly from investors’ high hopes over a coronavirus vaccine and its potential to alleviate struggling economies. Meanwhile, oil prices hit a one-year high on tight supply expectations.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.61%, while Japan’s benchmark index Nikkei tallied a 1.12% increase. Chinese shares climbed 0.07% as South Korea’s KOSPI jumped 1.05%. Australian shares, on the other hand, salvaged initial losses to trade 0.18% higher.

Investors anticipate a faster distribution of coronavirus vaccines and massive government spending under the incoming Biden administration. In line with this, analysts believe these are deemed essential for commodities and the global economy.