Economic news

Japan's Nikkei Surges to Levels not Seen Since Early 1990s

Stocks in Asia-Pacific were mixed on Tuesday following overnight gains on Wall Street that sent the major averages to record highs. In Japan, the Nikkei 225 led gains among the region’s major markets as it soared 2.66% on the day to 27,568.15 — a level not seen since August 1990, according to data from Refinitiv. Shares of index heavyweight Fast Retailing and conglomerate Softbank Group gained 4.5% and 4.53%, respectively. The Topix index advanced 1.74% to finish its trading day at 1,819.18.

Japan’s Nikkei 225 surges to levels not seen since early 1990s; Asia-Pacific markets mixed

South Korea’s Kospi closed 0.42% higher at 2,820.51. Mainland Chinese stocks were lower by their close, with the Shanghai composite down 0.54% to 3,379.04 while the Shenzhen component dipped 0.526% to 13,970.21. Hong Kong’s Hang Seng index gained about 0.9%, as of its final hour of trading. Shares in Australia rose following their return from a Monday holiday, with the S&P/ASX 200 up 0.53% to close at 6,700.30.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.44%. Overnight on Wall Street, the Dow Jones Industrial Average gained 0.7% to close at 30,403.97. The S&P 500 rose 0.9% to finish its trading day at 3,735.36 while the Nasdaq Composite closed 0.7% higher at 12,899.42.

The gains stateside came after U.S. President Donald Trump signed a $900 billion coronavirus relief package into law, with the measure including a direct payment of $600 to most Americans. Trump had previously demanded a $2,000 direct payment days before the signing. The House voted Monday to increase the second round of federal direct payments to $2,000, leaving it up to the GOP-controlled Senate. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.069 following an earlier high of 90.227.

The Japanese yen traded at 103.65 per dollar after weakening yesterday from around the 103.4 level against the greenback. The Australian dollar changed hands at $0.76, having seen an earlier low of $0.7575.

Source: FXPro


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree