Investors are celebrating a huge surge in Asian markets Tuesday thanks to historic measures by central banks to support economies left reeling from the coronavirus pandemic.
South Korea’s benchmark Kospi index gained more than 8% at the end of the day’s session, while Japan’s Nikkei rose 7%. Indexes in Australia and Hong Kong both finished 4% higher, while Shanghai ended more than 2% higher.
The markets were boosted by the U.S. Federal Reserve’s announcement that it was launching a massive buying program in various investments to keep the nation’s economy afloat, including corporate and municipal bonds. South Korea and Japan have announced similar economic rescue measures.
The good news extended into Europe, with the DAX index in Frankfurt gaining 5% in mid-morning trading, and both London’s FTSE and the CAC-40 in Paris up nearly 4%.