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    Asian shares edge higher as Biden unveils $1.9 trillion US stimulus plan

    Asian shares edged up near record highs on Friday after US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world’s largest economy and accelerate its response to coivd-19.

    Asian Shares

    • MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1% around midday in Asia, just off a record high.
    • Hong Kong’s Hang Seng added 0.32%, while Australia’s ASX 200 rose 0.17%.
    • Japan’s Nikkei was down 0.21% after touching three-decade highs in the previous session,
    • Chinese blue-chips lost nearly 1% amid worries over rising COVID-19 cases in the country.

    Currency Markets

    • In the currency market, the US dollar index, which had rebounded after hitting a nearly three-year low last week, was little changed on Friday at 90.27, and flat against the yen at 103.79, as Powell’s dovish statements offset support from the stimulus proposal.
    • The euro nudged 0.05% lower to $1.2150.
    • US yields stepped back after earlier rising on higher inflation expectations. Benchmark 10-year Treasury notes yielded 1.1122%, down from a US close of 1.129% on Thursday, while the 30-year yield dipped to 1.8514% from 1.874%.

    Oil Prices

    • Oil prices, which had risen on a weak dollar and strong Chinese import data, were mixed by midday in Asia as COVID-19 concerns in China hit sentiment.
    • Brent crude oil futures fell 0.27%, to $56.27 a barrel while US crude was 1 cent higher at $53.58.
    • Spot gold rose 0.24% to $1,850.77 per ounce.

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