Asia markets soar after US stocks see biggest gains since 1933 on US$2 trillion stimulus progress
- Dow Jones Industrial Average surged more than 11 per cent in its biggest gain since Great Depression
- Hang Seng Index, Shanghai Composite Index advance
Asia-Pacific markets continued to rally on Wednesday after a historic surge in US equities, triggered by reports that the US Congress is close to a deal on a US$2 trillion stimulus package to battle the coronavirus pandemic.
The Hang Seng Index shot up 3.8 per cent, in its first back-to-back gains in more than five weeks.
Tencent Holdings rose 4 per cent, while WH Group shot up 11.2 per cent while Alibaba Group Holding, the e-commerce giant and owner of the South China Morning Post, gained 3 per cent.
Overnight, the Dow Jones Industrial Average surged more than 11 per cent in its biggest gain since 1933, during the Great Depression. Still, volatile global equity markets have taken a US$26 trillion hit since mid-February, according to a Bloomberg report.
More than 18,000 people worldwide have died of the coronavirus. Roughly 3 billion people are in lockdown around the globe, after India on Tuesday told its 1.3 billion residents to stay inside their homes.