Coronavirus continues to dominate the headlines. People all over the world are closely monitoring the situation in China, Italy and other countries affected by the coronavirus pandemic. It is not surprising that markets are struggling to stay afloat as authorities across the globe implemented numerous measures to contain the virus.
Hopefully, White House and Senate leaders reached a historic $2 trillion stimulus aid. It took several days to come to an agreement. However, this deal is a huge step forward as without financial aid it would be tough to support the U.S. economy.
Moreover, this deal affected the stock markets in different parts of the world. For example, let’s have a look at the markets in Asia to learn more about the impact of this decision.
Asian markets and $2 trillion rescue package
As stated-above markets in Asia strengthened their positions thanks to this $2 trillion stimulus deal. In Japan, the Nikkei 225 added 8.04% to close its trading day at 19,546.63. Importantly, shares of index heavyweight Fast Retailing gained 8.78%.
Moreover, the Topix index added 6.87% to close its trading day at 1,424.62.
South Korea’s Kospi index also saw gains on the day. Its index rose 5.89 to close at 1,704.76.
Hopefully, Hong Kong’s Hang Seng index added about 3.4% as of its final hour of trading.
The Chinese government is working hard to get the economy back on track. Hopefully, Chinese markets also had a good day.
On Wednesday, the Shanghai composite index added 2.17% to about 2,781.59. Meanwhile, the Shenzhen composite rose 2.919% to approximately 1,714.86.
Australia’s S&P/ASX 200 added 5.54% to close at 4,998.10.
As a reminder, on Tuesday the Dow Jones Industrial Average gained 2,447.33 to 20,704.91. It was the best one-day percentage gain in 87 years.
Another U.S. stock index, the S&P 500 jumped 9.4% to close at 2,447.3. Interestingly, it was the best day since October 2008. At the same time, the Nasdaq Composite added 8.1% to close at 7,417.86, its best day since March 13.