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Asia markets up on US stimulus hopes Asia markets rise after US stimulus package agreed
(about 3 hours later)
Shares in Asia have continued a global rally, as stock markets bounce back from major losses in recent days. US President Donald Trump and the Senate have agreed an economic relief package worth more than $1.8tn, sending Asian shares higher.
Expectations are growing that US lawmakers are close to agreeing an almost $2tn plan to ease the economic impact of the coronavirus pandemic. Markets had rocketed on Wall Street and London on Tuesday in anticipation of a deal being struck.
In the US, the Dow Jones Industrial Average saw its biggest one-day gain in almost nine decades. Asian shares also gained in Wednesday trading, with Japan's benchmark Nikkei 225 index up 6.7% following the news.
The moves continue a pattern of extreme volatility on financial markets as investors grapple with the effects of the outbreak. The US stimulus package includes money to bailout industries that have been affected by the crisis.
In morning trade Japan's benchmark Nikkei 225 gained 5.4%, the Hang Seng in Hong Kong rose 3.3%, and China's Shanghai Composite was up by 1.9%. In the US, the Dow Jones Industrial Average saw its biggest one-day gain in almost nine decades on Tuesday, although the deal hadn't yet been signed.
In Asia, the Hang Seng in Hong Kong rose 3.1%, and China's Shanghai Composite was up by 2% in Wednesday's trading session.
It continues a period of unprecedented volatility as markets react wildly to the economic impact of the coronavirus pandemic.It continues a period of unprecedented volatility as markets react wildly to the economic impact of the coronavirus pandemic.
This month alone has seen the Dow having the five biggest daily gains and five biggest falls of its 135-year history.This month alone has seen the Dow having the five biggest daily gains and five biggest falls of its 135-year history.
On Wall Street, the Dow Jones Industrial Average surged by 11.4% on Tuesday, as it saw its biggest one-day gain since 1933.On Wall Street, the Dow Jones Industrial Average surged by 11.4% on Tuesday, as it saw its biggest one-day gain since 1933.
$1.8tn rescue package$1.8tn rescue package
Many countries are now working on stimulus packages to support their economies, but these plans have received mixed responses from investors.Many countries are now working on stimulus packages to support their economies, but these plans have received mixed responses from investors.
In the US, congressional leaders said they were close to a deal on a relief package worth more than $1.8tn, which would include money to bailout industries that have been affected by the crisis. The US rescue package is aimed at alleviating the economic impact of the coronavirus pandemic, and follows five days of intense negotiations to try to agree a deal that will provide aid for American workers and businesses.
Any action by the US government would follow aggressive efforts by the Federal Reserve, including its pledge to buy as much government debt as needed to soothe markets, while also lending directly to businesses. The near-$2tn package of measures will help ease the pain of mass layoffs as businesses have been forced to close and employees ordered to stay at home.