IMF’s $50 billion aid package bolsters Asian markets

Asian markets gained on Wednesday following the International Monetary Fund (IMF) unveiling a $50 billion aid package with efforts to combat the spread of the highly contagious coronavirus.

IMF Managing Director Kristalina Georgieva said in an interview with CNBC that the fund is aimed toward low-income and emerging market countries and would be available without delay. The announcement of the aid package boosted Asian equities and pushed U.S. stocks up overnight.

China’s Shanghai Composite rose 1.4% and the Shenzhen Component climbed 1.1% by 11:00 PM ET (03:00 GMT). Meanwhile, Hong Kong’s Hang Seng Index gained 1.1%.

Japan’s Nikkei and South Korea’s KOSPI last traded at 0.6% higher while Australia’s ASX 200 rose by 1.0%, helped by a better-than-expected January trade data reported on Thursday.