Stocks in Asia make upward thrust, greenback falters again

Lola Evans
21 Jan 2021, 16:43 GMT+10

In Japan, the Nikkei 225 rose 123.40 points or 0.43 percent to 28,756.86.
The Australian All Ordinaries climbed 56.10 points or 0.80 percent to 7,107.10.
The Hong Kong key index, the Hang Seng broke through the 30,000 barrier.

SYDNEY, NSW, Australia - Shares in Asia followed their U.S. counterparts on Thursday, rising into the stratosphere.

the Hong Kong key index, the Hang Seng broke through the 30,000 barrier, but was unable to sustain that level, closing down 34.71 points or 0.12 percent at 29,927.76.

China's Shanghai Composite gained 38.17 points or 1.07 percent to3,621.26.

In Japan, the Nikkei 225 rose 123.40 points or 0.43 percent to 28,756.86.

The Australian All Ordinaries climbed 56.10 points or 0.80 percent to 7,107.10.

With Joe Biden now in the White House, and the Democrats controlling the Senate it "increases not just the probability of more fiscal (stimulus), but the magnitude," Kay Van-Petersen, global macro strategist at Saxo Capital Markets told Reuters Thomson Thursday.

"That means that this market should be way, way, way higher as a whole and we're going to get there. We're entering this regime of even more accelerated asset class inflation," Van-Petersen said.

While shares moved higher in Asia, so did the local and international currencies. The U.S. dollar was being crushed across the board.

The euro strengthened to 1.2134. The British pound advanced to 1.3705. The Japanese yen jumped to 103.40. The Swiss franc cruised up to 0.8885.

The Canadian dollar firmed to 1.2616. The Australian dollar rose to 0.7771. The New Zealand dollar was sharply higher at 0.7206.

Overnight on Wall Street, the Nasdaq Composite shot up 260.07 points or 1.97 percent to 13,457.25.

The Standard and Poor's 500 advanced 52.94 points or 1.39 percent to 3,851.85.

The Dow Jones index gained 257.86 points or 0.83 percent to 31,188.38.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sydney Sun.

More Information

20 ℃

Mostly Cloudy in Sydney

Business

Section

Wall Street rescues world from stocks sell-off

NEW YORK, New York - U.S. stocks rallied on Friday following the release of positive economic data.U.S. employers added 379,000 ...

Disney+ streaming service reports 98 million subscribers

Subscriptions to Walt Disney Company's Disney+ streaming service surpassed initial estimates, primarily owing to adults from households with no children ...

Bank of Ireland to reduce branch network by almost half

DUBLIN, Ireland - The Bank of Ireland plans to close some 100 branches, as customers increasingly perform banking transactions online.Bank ...

Stock markets in Asia reverse course, dollar continues recovery

SYDNEY, NSW, Australia - Another spike in bond yields, and oil prices sent shares in Asia sharply lower on Friday, ...

Nevada governor backs plan for private cities owned by high tech

CARSON CITY, Nevada: Nevada Governor Steve Sisolak has proposed allowing technology companies specializing in blockchain technology to develop "Innovation Zones" ...

Bringing in staff, Walmart prepares to open financial services

Walmart has hired two former Goldman Sachs bankers to help run its new and unnamed fintech venture.Walmart hired Omer Ismail, ...

International

Section