WASHINGTON/SYDNEY (Reuters) – Asian stock markets rose on Thursday as the combination of a rebound in crude prices from historic lows and the promise of more U.S. government aid to cushion the coronavirus-ravaged economy helped calm nervous markets.
Better-than-expected U.S. corporate earnings also lifted equities, analysts said, though overall sentiment remained fragile as the pandemic cut a destructive path through the world economy.
MSCI’s broadest index of Asia Pacific shares outside of Japan bounced from two-week lows to be up 0.5% at 460.43 points.
Australian S&P/ASX added 0.4%, Chinese shares opened firm with the blue-chip index up 0.3%. Japan’s Nikkei climbed 0.8%.
The gains followed a strong overnight lead from Wall Street with the Dow up 2%, S&P 500 adding 2.3% and Nasdaq rising 2.8%.
All 11 S&P 500 sector indexes climbed as the U.S. Senate unanimously approved the new relief package, adding to trillions of dollars in stimulus that has helped Wall Street rebound from its March lows.
The House of Representatives is expected on Th