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Asia shares rise as U.S. stimulus hypes sentiment

ASIAN shares rose on Friday as expectations of large U.S. stimulus under President-elect Joe Biden elevated sentiment while oil prices perked up on upbeat Chinese trade figures.

President-elect Biden will unveil a $1.9 trillion stimulus package proposal designed to jump-start the economy and speed up the U.S. response to the coronavirus pandemic, officials said on Thursday.

In Asia, investors held a broadly more optimistic with Australia’s S&P/ASX 200 up 0.2%, Japan’s Nikkei 225 0.3% higher and South Korea’s KOSPI inching up 0.2%

Investors had also kept an eye on Federal Reserve Chair Jerome Powell, who said the U.S. central bank is not raising interest rates anytime soon and rejected suggestions the Fed might start reducing its bond purchases in the near term