Asian shares rally further on U.S. defensive shift

12.11.2020 - Petr Mazaylo
Asian shares rally further on U.S. defensive shift

Asian stock markets were poised for another hefty rally on Thursday. This was expected as consistent global stimulus efforts and optimism brought by a coronavirus vaccine bolstered investors’ sentiment.

Australian shares recorded a 0.29% jump during their early trade. Futures for Japan’s benchmark index Nikkei dropped, while Hong Kong’s Hang Seng index futures saw a 0.56% gain. Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan ended its session with a 0.01% increase.

The series of gains in Asia followed after a mixed session seen on Wall Street. The tech-heavy Nasdaq advanced 2% after slipping the previous day. The rebound came after investors withdrew from economically sensitive sectors and refocused on technology stocks.

Meanwhile, vaccine optimism and encouraging comments from European Central Bank chief Christine Lagarde about fiscal support sent European shares up for three consecutive trading sessions.

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