Wed, 12 Aug 2020

SYDNEY, NSW, Australia - An extended rally in shares in mainland China lifted spirits across the Asian region on Thursday.

Gains however were limited as the number of coronavirus cases globally soared above twelve million, with little sign of the virus peaking.

China's Shanghai Composite index closed 47.15 points or 1.39% higher at 3,450.59 points Thursday, while the blue-chip CSI300 index climbed 1.40%. Both indices ended at multi-year highs as they stretched gains into 8 consecutive days, the longest streak since January 2018.

In Hong Kong, the Hang Seng advanced 80.98 points or 0.31% to 26,210.16.

Japan's Nikkei 225 rose 90.64 points or 0.40% to 22,529.29.

The Australian All Ordinaries added 40.60 points or 0.67% to 6,074.90. "Yesterday's bad news is good news in the Australia market today as investors seem to follow the lead of their U.S. peers", Michael McCarthy, chief market strategist at CMC Markets was quoted as saying by the Reuters Thomson news agency on Thursday.

"The overnight rally across asset classes, whether in equities or commodity prices, is driving sentiment today, investors are once again hopeful of further fiscal and monetary stimulus as domestic cases spike," McCarthy added.

The U.S. dollar remained under pressure on Thursday in the Asian trading session, however there was no further damage to the embattled unit, as prices around the Sydney close were similar to the closing quotes in New York overnight. The euro was at 1.1325, the British pound at 1.2635, the Japanese yen at 107.31 and the Swiss franc at 0.9386.

The Canadian dollar was fetching 1.3501, the Australian dollar 0.6981 and the New Zealand dollar 0.6572.

On Wall Street overnight, the Dow Jones Industrial Average was ahead 177.1 points, or 0.68%, at 26,067.28.

The Standard and Poor's 500 rose 24.62 points, or 0.78%, to 3,169.94.

The Nasdaq Composite advanced 148.61 points, or 1.44%, to 10,492.50, and historic high.

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