Global shares advanced Tuesday after European leaders worked out a deal to support their virus-stricken economies.
The 27 EU leaders agreed to an unprecedented 1.8 trillion-euro budget and coronavirus recovery fund after one of their longest summits ever.To cope with the biggest recession in its history, the EU will establish a 750 billion-euro coronavirus fund, partly based on common borrowing, to be sent as loans and grants to the hardest-hit countries.
Investors also were encouraged by news from scientists at Oxford University that their experimental coronavirus vaccine prompted a protective immune response in hundreds of people who got the shot in an early trial. Japan's benchmark Nikkei 225 gained 0.7% to 22,884.22. South Korea's Kospi jumped 1.4% to 2,228.83. Australia's S&P/ASX 200 added 2.6% to 6,156.30. Hong Kong's Hang Seng rose 2.3% to 25,635.66, while the Shanghai Composite edged 0.2% higher to 3,320.89. Shares also rose in Taiwan and Southeast Asia.
Technology and communications stocks and big e-commerce retailers have benefited this year as the pandemic has forced people to largely stay home and rely increasingly on the internet for shopping, work and entertainment. Banks, airlines and cruise lines have suffered.
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