Stocks in Asia continue flying, Nasdaq up 271 points

Stocks in Asia continue flying, Nasdaq up 271 points

Lola Evans
02 Feb 2021, 17:29 GMT+10

  • Stocks in Asia rose again Tuesday following major advances on global markets overnight.
  • “The U.S. stimulus story continues to be the half glass, which markets are happy to interpret as half full.”
  • In Tokyo, the Nikkei 225 rallied 271.12 points or 0.97 percent to 28,362.17.

SYDNEY, NSW, Australia – Stocks in Asia rose again Tuesday following major advances on global markets overnight.

Talk of the much-anticipated U.S. stimulus packed continued to hold sway. President Joe Biden is expected Tuesday to negotiate with Republican Senators about the proposed stimulus. Biden has proposed a $1.9 trillion plan. The Republicans want a package a third the size of that.

“The U.S. stimulus story continues to be the half glass, which markets are happy to interpret as half full,” Vishnu Varathan, head of economics in Asia at Mizhuo Bank in Singapore told Reuters Tuesday.

“The improved sentiment also derived from the fact that vaccinations hit the milestone within the U.S. of more vaccinations than infections and I think there’s a sense that the rollout program remains quite optimistic and encouraging,” he said.

In Tokyo, the Nikkei 225 rallied 271.12 points or 0.97 percent to 28,362.17.

The Australian All ordinaries climbed 104.70 points or 1.51 percent to 7,027.50.

China’s Shanghai Composite, and the Hang Seng in Hong Kong were still trading at the time of writing. but likely to close with solid gains.

The U.S. dollar was mixed, but not far off the closing quotes from the day before. The euro was a fraction higher at 1.2070. The British pound edged up to 1.3681. The Japanese yen was lower, softening to 104.99. The Swiss franc inched up to 0.8968.

The Canadian dollar was friendless at 1.2828. The Australian dollar fell to 0.7615. The New Zealand dollar was a touch higher at 0.7174.

Overnight on Wall Street, the Nasdaq Composite rose 332.70 points or 2.55 percent to 13,403.39.

The Standard and Poor’s 500 swelled 59.62 po

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