Asian stocks jump to fresh records

Asian stocks jump to fresh records

Asian shares hit a record high on Wednesday, December 30, as investors weighed in on a robust economic recovery next year.

MSCI’s gauge of Asia-Pacific stocks excluding Japan rose 0.6% to hit new highs, led by gains in Chinese shares. This year, the Asian benchmark is up 18.2%. However, Japan225 lost 0.58% on its last trading day of 2020 after reaching a 30-year high on Tuesday. For the year, the benchmark is up 15.8%.

The Euro Stoxx 50 futures were down 0.2% on the European markets, while UK100 dropped 0.1%. In the United States, the USA500 rose 0.41%, erasing losses recorded the previous day.

The U.S Dollar falls, other gain

In the currency markets, the U.S Dollar retreated as investors started to dump the safe-haven U.S. currency after the latest developments. The U.S. dollar index lost 0.25%, reaching 89.798, having hit a 2,5 year low of 89.711 at one point.

The Euro rose 0.3% to $1.2295, the highest level since April 2018. The AUD rose 0.6% to $0.7663, hitting a two-and-a-half-year-old high, while GBP traded up 0.30% at $1.3556. The JPY also gained 0.15%.

Gold and oil benefit from weaker Dollar

The Dollar's problems offered support to gold, with bullion prices up 0.14% at $1,880.70 an ounce. Oil prices extended gains too, with Crude up 0.21% at $48.10 a barrel.

Sources: reuters.com, investing.com.

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