Asia Markets Surge in Hopes of Economic Remedy from Central Bank, Dow Jumps 5% Overnight

Asia stock markets surged in the morning session on March 3, 2020, following a 4-5% rise in Wall Street overnight.

As of 9:15 local time in Thailand, Nikkei dipped 0.11 %, SSEC jumped 1.18%, HSI rose 0.42%, ASX gained 1.84% and Kospi hiked 1.24%.

Last night, Dow Jones closed at 26,703.32, skyrocketed by 5.09%, S&P 500 jumped 4.60% and Nasdaq rose 4.49%.

Stocks are edging higher on hopes of global central banks to introduce new measures to ward off the economic impact from coronavirus.

 

Bill Nelson, the chief economist at the Bank Policy Institute who worked on the Fed’s responses to the 2007-2008 financial crisis, expected the U.S.’ Fed to make an early move for a rate cut by 0.50 percentage point before its actual meeting on 17-18 March.

Nelson also noted that the interest rate cut from central bank and maybe stimulus package would be announced on Wednesday before the New York Stock Market opens.