The Nikkei 225 closed higher for the third consecutive day. By the end of today’s Asian session, Japan’s stock index was up by 8.04% or 1,454.00 points at 19,546.56. The Shanghai Composite Index was also in the green by 2.13% or 57.867 points at 2,780.338. As for the Hang Seng Index, it is still open but it also looks poised to close higher. It is currently up by over 3.10% or 706 points at 23,368.0.
Risk appetite is dominating today’s trading. Investors’ spirits are lifted by the prospect of the US economic relief package being passed today. US Senate Minority Leader Chuck Shumer already announced that policymakers have come into terms with the deal. It is said to include checks being given out to households, loans for businesses, and aid to hospitals and airlines. It is worth noting that the package will not be finalized until US President Donald Trump signs it.
Regardless of this fact, it is enough to put market participants in risk-on mode. This can also be seen in the currency markets with risk currencies leading gains. AUDUSD is the biggest-winner so far in today’s Asian session, up 1.28%. It is then followed by NZDUSD and GBPUSD which are in the green by 0.94% and 0.63%, respectively.