Asian shares rally on U.S. stimulus, oil recovery

Asian stock markets advanced on Thursday. The upbeat performance followed after crude prices recovered from underperformance and as the U.S. government pledged to provide more stimulus to nurse the virus-beaten economy.

MSCI’s broadest index of Asia Pacific shares outside Japan soared by 0.5% at 460.43 points, regaining momentum after a two-week low.

Australian S&P/ASX increased 0.4% while the blue-chip index inched up by 0.3%. The Japanese benchmark Nikkei recorded a 0.8% increase.

Asian markets’ active trading session followed Wall Street’s positive finish as the Dow, S&P 500, and Nasdaq hiked 2%, 2.3%, and 2.8% respectively. Better-than-expected U.S. corporate gains also supported equities. However, market sentiment remained weak as the virus outbreak posed a sharp economic contraction.