Asian shares market advanced further, completely reversing from Thursday’s weak levels as an increase in U.S. consumer prices minimized concerns and sent the Dow Jones Industrial Average to record peaks.
MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.7% gain. South Korea’s Kospi came as the biggest advancer across the region, trading 1.7% higher to hit its first three-day jump in three weeks.
China’s Shanghai Composite soared 1.6%, while Japan’s benchmark index Nikkei tallied a 0.5% hike.
Investors’ upbeat sentiment was mainly from a report released by the U.S. Labor Department showing that the country’s consumer price index jumped 0.4% in February. While vaccine rollouts are expected to fuel a rebound, worries about U.S. President Joe Biden’s stimulus package brought in caution.