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Asian Shares Rise on U.S. Stimulus Fix, Nikkei Hits 30Year High

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TOKYONEW YORK, Dec 29 Reuters Asian shares jumped on Tuesday, with Japanese stocks hitting a 30year high, as hopes that a longawaited U.S. pandemic relief package would be expanded and a Brexit trade deal supported investor risk appetite.

MSCIs broadest index of AsiaPacific shares outside Japan rose 0.46. Australian stocks rose 0.55. Japans Nikkei leapt 1.63 to its highest since August 1990, while shares in China rose 0.1.

Futures for the SP 500 added 0.32.

The dollar nursed losses against major currencies and Treasury yields rose after U.S. President Donald Trumps approval of a stimulus package related to the coronavirus outbreak increased risk appetite.

The positive mood also helped oil futures rise during Asian trading in hopes for an acceleration in economic activity.

The U.S. House of Representatives had voted earlier to increase stimulus payments to qualified Americans to 2,000 from 600, sending the measure on to the Senate for a vote.

While it is not clear how the measure will fare in the Senate, President Donald Trumps signing on Sunday of a 2.3 trillion pandemic bill, which included the 600 payments, had sent shares on Wall Street to record highs overnight as it increased optimism about an economic recovery.

With the Brexit … and the U.S. stimulus deal now in the rearview mirror, there is a sense of relief that we have avoided the respective worstcase scenarios, said Stephen Innes, chief global market strategist at Axi, a broker.

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