Asian shares surge, hitting new record highs on hopes for global recovery

Asian shares surged on Friday to hit new record highs, capped by Japan’s Nikkei posting a 30-year high. These Asian market gains overshadowed pressing economic concerns including persisting COVID-19 cases and political unrest in the United States as investors set sights on global economic recovery.

Asian markets followed after Wall Street capped big gains on Thursday while bond prices fell as markets anticipate heavy spending and borrowing from a new Democratic-led government leading the way to economic recovery.

South Korea’s Kospi moved up by 2.8%. Japan’s Nikkei posted a 1.73% gain to hit its highest level since 1990. MSCI’s broadest index of Asia-Pacific shares outside Japan added 1% to also cap a record high.

Meanwhile, Hong Kong’s Hang Seng managed to advance 1.2% despite reports that the White House mulls banning U.S. firms from investing in a list of Chinese firms. Australia’s S&P/ASX 200 only edged up by 0.48% due to the state of Queensland’s three-day lockdown enforcement in Brisbane the new COVID-19 variant from the U.K. entered the state’s capital.