Asia-Pacific Stocks Higher - InvestingChannel

Asia-Pacific Stocks Higher

Stocks in Asia-Pacific were higher on Wednesday following new remarks from U.S. President Donald Trump surrounding the new COVID-19 relief package.

In Japan, the Nikkei 225 regained 88.4 points, or 0.3%, to 26,524.79.

In the Bank of Japan’s October monetary policy meeting minutes released Wednesday, one member expressed concern that “deflation might take hold” if COVID-19 spreads again and pushes down economic activity, so this “possibly warranted attention” in guiding monetary policy.

The Japanese yen traded at 103.40 per U.S. dollar, still stronger than levels above 104 seen last week.

In Hong Kong, the Hang Seng index recovered 223.85 points, or 0.9%, to 26,343.10.

In corporate developments, shares of South Korea’s LG Electronics surged 29.6% after the firm announced Wednesday a joint venture agreement with Canadian automotive supplier Magna International, to manufacture electric vehicle components.

Trump on Tuesday said the $900 billion Covid relief bill passed by U.S. Congress was an unsuitable “disgrace.”

While the U.S. president did not threaten to veto the legislation, he asked to be sent a “suitable bill or else the next administration will have to deliver a COVID relief package.” The latest development could delay the deployment of funds to Americans who are struggling amid the coronavirus pandemic.

The Australian dollar changed hands at $0.7565, in a trading week that has seen it at levels around $0.76 to below $0.75.

In other markets

In Shanghai, the CSI 300 gained 42.36 points, or 0.9%, to 5,007.13

In Korea, the Kospi index recouped 26.14 points, or 1%, to 2,759.82

In Taiwan, the Taiex Index perked up 45.63 points, or 0.3%, to 14,233.09.

In Singapore, the Straits Times Index revived 6.08 points, or 0.2%, to 2,833.40.

In New Zealand, the NZX 50 sprinted 177.52 points, or 1.4%, to 13,020.21.

In Australia, the ASX 200 climbed 43.56 points, or 0.7%, to 6,643.14.