December 14, 2024

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Asian shares mostly up on optimism for stimulus from Biden | National

TOKYO (AP) — Asian shares mostly rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street.

Hopes are high that President Joe Biden’s administration will mean more support for the struggling U.S. economy, starting a recovery that’s crucial for the export-driven Asian region.

Japan’s benchmark Nikkei 225 rose 0.8% to finish at 28,756.86. Australia’s S&P/ASX 200 gained 0.8% to 6,823.70, while South Korea’s Kospi edged up 1.1% to 3,147.51. Hong Kong’s Hang Seng slipped 0.3% to 29,887.89, while the Shanghai Composite added 1.0% to 3,619.82.

Data released by the Japanese Finance Ministry showed the world’s third largest economy may be crawling toward a recovery, as exports for December rose for the first time in two years, by 2% from the same month the previous year. Imports declined 11.6%, marking the 20th straight month of declines.

Japan’s economy, like many others across the region, has been slammed by the coronavirus pandemic, which has crushed tourism and dampened economic activity and trade. The Bank of Japan kept its easy monetary policy at its policy board meeting, as expected. Tokyo and other urban areas of Japan are under a state of emergency, as coronavirus cases have surged lately.

On Wall Street, the S&P 500 rose 1.4%, topping its previous all-time high set earlier this month. The Dow Jones Industrial Average, Nasdaq composite and Russell 2000 index of smaller companies also notched record highs, powered by gains in technology, communications, health care and most other sectors.

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