The MSCI Asia Pacific Index rallied as much as 4.8% as of 3:58 pm in Hong Kong on Tuesday, set for the most since October 2008.South Korea stocks jumped 8.6% after the nation doubled its emergency funds, while Japan’s blue-chip measure Nikkei 225 rose 7.1%, the most since 2016. Hong Kong’s Hang Seng Index was also up more than 4%.
The Fed’s unlimited quantitative easing prompted traders to return to risk assets, sending almost all Asian Pacific currencies including the Australia dollar and the South Korean won jumping. Most risk assets rose Tuesday and the dollar snapped a 10-day rally. China plans to lift lockdown measures in Wuhan, the city subjected to a mass quarantine since the start of the coronavirus outbreak."A drop in the US dollar helped a lot,” said Steven Leung, an executive director at UOB Kay Hian Ltd."It will also help ease pressure on the region’s capital outflow.”
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