Shanghai — Asian shares rose on Friday, tracking gains on Wall Street overnight that lifted the Nasdaq and the S&P 500 indices to record highs after US President Joe Biden embraced a bipartisan Senate infrastructure deal.
Securing bipartisan agreement on the deal required Biden to sacrifice some of his original ambitions on schools, climate change mitigation, and support for parents and caregivers, as well as tax increases on the rich and corporations. Chinese blue-chips rose 0.43%, Hong Kong’s Hang Seng added 0.61%, Seoul’s Kospi was up 0.79% and Australian shares climbed 0.22%. Japan’s Nikkei rose 0.59%.
“The reality remains that the timing of any tapering scare, or indeed tapering, is most likely to be driven by market-driven inflation expectations. And the pressure on this front has eased of late,” Christopher Wood, global head of equity strategy at Jefferies, said in a note.
Source: Financial Digest (financialdigest.net)
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