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Tuesday, March 9, 2021
Stocks & Shares

Asian shares hit record highs on hopes of new U.S. stimulus

Asian-shares

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4% to 736.4, the BSE Sensex closed up 12.78 points higher at 51,544.30

Asian shares rose to record highs on Monday as successful vaccine rollouts across the world raised hopes of a rapid economic recovery amid new U.S. economic stimulus, while oil prices rose on heightened tensions in the Middle East.

Indian stocks are expected to follow suit. Trends in SGX Nifty suggest a positive opening for benchmark equity indices. On Friday, the BSE Sensex closed at 51,544.30, up 12.78 points. The 50-share index Nifty ended at 15,163.30, down 10.00 points.

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4% to 736.4.

Markets in China and Hong Kong are closed for the Lunar New Year holiday, while US markets will be closed on Monday for the Presidents Day holiday.

The focus will be on minutes of the US Federal Reserve’s January meeting, where policymakers decided to leave rates unchanged.

In India, Tata Motors’ new chief executive and managing director Marc Llistosella will take over the company’s India business at a time when the sales of its commercial vehicles have been hit hard by the economic slowdown as a result of the pandemic and the management is scouting for a strategic investor for its passenger vehicle business unit. The Mumbai-based company has also embarked on a cost-cutting programme to turn profitable in the next few years and reduce debt.

Mortgage lender Indiabulls Housing Finance is looking to raise ₹5,000 crore through the securitisation route in fourth quarter of the current financial year, according to a senior company official.

Hopes for a U.S. stimulus and subsequent spike in fuel demand helped oil prices climb to the highest since January 2020.

Brent crude gained $1 to $63.43 a barrel. U.S. crude oil added $1.2 to $60.7.

The dollar edged higher against the Japanese yen at 105.01 while the euro added $1.2125 and the British pound rose 0.3% at $1.3886. The risk sensitive Australian and New Zealand dollars jumped 0.1% each. That left the dollar index steady at 90.426.

Bitcoin was flat in early Asian trading at $47,994, below a record high of $49,714.66. It gained nearly 20% in a week following investments by major firms such as Elon Musk’s Tesla.

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