{"id":8477,"date":"2021-04-01T08:43:27","date_gmt":"2021-04-01T08:43:27","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/04\/01\/asian-shares-advance-after-bidens-stimulus-speech\/"},"modified":"2021-04-01T08:43:27","modified_gmt":"2021-04-01T08:43:27","slug":"asian-shares-advance-after-bidens-stimulus-speech","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/04\/01\/asian-shares-advance-after-bidens-stimulus-speech\/","title":{"rendered":"Asian Shares Advance After Biden’s Stimulus Speech"},"content":{"rendered":"
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Asian shares advanced on Thursday after U.S. President Joe Biden announced a multi-trillion-dollar infrastructure investment plan to reshape the world’s largest economy<\/span> and counter the rise of China.<\/p>\n

“It’s a once-in-a-generation investment in America,” Biden said in a speech in Pittsburgh about his “American Jobs Plan.” <\/p>\n

With much of Asia Pacific on holiday Friday, trading activity was somewhat muted. <\/p>\n

China’s Shanghai Composite index rose 24.42 points, or 0.71 percent, to 3,466.33, while Hong Kong’s Hang Seng index ended up 560.39 points, or 1.97 percent, at 28,938.74.<\/p>\n

The manufacturing sector in China continued to expand in March, albeit at a slightly slower pace, the latest survey from Caixin showed today with a seasonally adjusted manufacturing PMI score of 50.6, down from 50.9 in February.<\/p>\n

Japanese shares advanced on the back of upbeat economic data and hopes for corporate earnings. <\/p>\n

Economic optimism prevailed after a survey showed the manufacturing sector in Japan expanded at a faster pace in March. <\/p>\n

Large manufacturing in Japan saw some improvement in the first quarter of 2021, the Bank of Japan’s quarterly Tankan Survey of business<\/span> sentiment showed with a diffusion index score of +5 – beating forecasts for a reading of 0.<\/p>\n

The Nikkei average rose 210.07 points, or 0.72 percent, to 29,388.87, while the broader Topix index closed 0.19 percent higher at 1,957.64.<\/p>\n

Semiconductor-related companies gained ground after U.S. chipmaker Micron Technology Inc forecast third-quarter revenue above analysts’ forecasts. Advantest jumped 4.1 percent, Tokyo Electron surged 4.7 percent and Screen Holdings added 6.1 percent.<\/p>\n

Australian shares advanced after data showed home prices in the country rose at the fastest pace in three decades in March and February retail sales fell less than expected. <\/p>\n

Adding to investor optimism over growth, the manufacturing sector in Australia continued to expand in March, and at a faster pace, the latest survey from the Australian Industry Group revealed.<\/p>\n

The benchmark S&P\/ASX 200 climbed 38 points, or 0.56 percent, to 6,828.70, while the broader All Ordinaries index ended up 47.20 points, or 0.67 percent, at 7,064.20.<\/p>\n

Tech stocks rallied, with Xero, WiseTech Global, Appen and Afterpay climbing 2-4 percent. A rise in Chinese iron ore futures helped lift miners, with BHP, Fortescue Metals Group and Rio Tinto rising between 0.8 percent and 1.3 percent. <\/p>\n

Banks eked out modest gains despite regulatory concerns. Wealth manager AMP surged 4.7 percent after replacing its chief executive. Macquarie Group dropped half a percent after the prudential regulator ordered the company’s banking unit to increase its cash reserves.<\/p>\n

Travel booking group Webjet plunged 5.4 percent after it raised $250 million through a convertible note offering to fund acquisitions.<\/p>\n

Seoul stocks rose notably after data showed exports expanded for a fifth straight month and the manufacturing sector in the country continued to expand at a steady pace in March. <\/p>\n

The benchmark Kospi inched up 25.98 points, or 0.85 percent, to 3,087.40 driven by gains in chip heavyweights. Samsung Electronics gained 1.8 percent and SK Hynix soared 6 percent.<\/p>\n

New Zealand shares fell, with the benchmark NZX 50 index ending down 72.39 points, or 0.58 percent, at 12,488.31 ahead of the Good Friday holiday. <\/p>\n

U.S. stocks rose broadly overnight as a report from payroll processor ADP showed strong private sector job growth in March and investors looked forward to details of President Joe Biden’s massive infrastructure and economic recovery plan.<\/p>\n

The tech-heavy Nasdaq Composite jumped 1.5 percent and the S&P 500 added 0.4 percent while the Dow slid 0.3 percent. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n