Major Asian stock markets are higher after Wall Street rallied on President Trump’s promise to prop up the economy, which is under threat from the coronavirus outbreak.
BEIJING — Major Asian stock markets were higher Wednesday after Wall Street rebounded on President Donald Trump’s promise of aid to get the U.S. economy through the coronavirus outbreak.
The White House proposal could approach $1 trillion in spending to ward off the pressure of business closures to contain the virus. The Federal Reserve announced more measures to keep financial markets operating. Treasury Secretary Steven Mnuchin said Trump wants to send checks to Americans in the next two weeks to help support them while more parts of the economy come closer to shutting down.The measures are a good start but investors need to see the number of infections slow before markets can find a bottom, analysts said. The number of new cases reported in China, where the virus emerged in December, is declining but infections in the United States, Europe and elsewhere are increasing.
The Shanghai Composite Index rose 1.3% to 2,814.70 and the Nikkei 225 in Tokyo gained 1.9% to 17,342.71. Hong Kong’s Hang Seng added 0.5% to 23,384.51.The Kospi in Seoul gained 0.5% to 1,682.12 in early trading. Australia’s S&P-ASX 200 fell 5% to 5,029.70.
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