Asian shares reach seven-month peak on Wall Street rally

Asian share markets had reached a seven-month high on Wednesday. The record came after the S&P 500 tallied consistent all-time highs fuelled by policy stimulus to relieve economies from the impact of the coronavirus crisis.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.3% gain. The index advanced for three consecutive days to 570.80 points, a record last monitored in January.

The gains could be attributed to a 0.8% increase recorded by Australian shares and a 0.6% jump of South Korean KOSPI. Japan’s benchmark index also hiked but Chinese shares started turbulently as the blue chips dropped 0.7%.

On Wall Street, the S&P 500 and the Nasdaq immediately hit record highs after the opening bell. These records followed after major U.S. retailers reported upbeat sales growth.