Asian markets soar after US stocks’ historic surge on $2 trillion rescue hopes

Key indices in Asia continued to rise on the news that the White House and US Senate reached a long-anticipated rescue plan to mitigate the impact of Covid-19 on the economy.

Japan’s benchmark Nikkei saw the biggest gains, jumping more than eight percent to close at the highest level in two weeks. Hong Kong’s Hang Seng Index was up around three percent about an hour before the closing bell, while China’s Shanghai Composite Index climbed over two percent. South Korea’s Kospi closed over five percent higher.

Stocks in Australia added more than five percent, while India’s key Mumbai Sensex jumped around 1.5 percent.

On Tuesday, US equities saw a historic rally on hopes of the $2 trillion coronavirus stimulus package, with the Dow Jones Industrial Average soaring more than 2,000 points in its best one-day percentage gain since 1933. Other key US indices, the S&P and the Nasdaq, rose over nine and eight percent respectively.

Earlier on Wednesday, US senators and the Trump administration finally agreed on a rescue bill set to pass later in the day. The full text of the legislation has not yet been released, but is expected to provide over $350 billion for small businesses hit hard by pandemic lockdowns across the country. It also stipulates that Americans making up to $75,000 a year will be eligible for a one-time $1,200 cash payment. Married couples making less than $150,000 a year could get a $2,400 check, with an additional $500 per child.

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