Asian shares hit a record high on Wednesday with investors betting on a strong economic recovery next year, as there is little sign policymakers wind back massive stimulus efforts aimed at staving off coronavirusfuelled downturns. MSCIs gauge of AsiaPacific shares excluding Japan rose 1.2 to hit a record high, led by gains in Chinese shares and bringing its gains so far this year to 18.9.
Japans Nikkei share average lost 0.45 on its last trading day of 2020 after jumping to a 30year high on Tuesday. For the year, it was up 16.0. European shares are seen dipping slightly with Euro Stoxx 50 futures down 0.2 and FTSE futures losing 0.1. Convictions that global monetary authorities will continue to pump liquidity into the banking system to support the pandemicstricken economy underpin risk assets.
EMini futures for the SP 500 rose 0.41, erasing losses made in the previous day after U.S. Senate Majority Leader Mitch McConnell put off a vote on President Donald Trumps call to boost COVID19 relief checks. Although many Republican Senators remain adamantly opposed, worried about the cost to taxpayers, support is growing among them, including two from Georgia, who are running in the crucial races that will determine who will control the Senate.
The Russell 2000, a U.S. stock index that includes small cap shares, fell 1.85 on Tuesday. In the currency market, the dollar dropped on the first day of trading for settlement in 2021 as traders started to dump the safehaven U.S….