Asian stocks rise after US rally on infrastructure deal

Asian shares are rising, buoyed by the rally on Wall Street that came after President Joe Biden announced a bipartisan deal on infrastructure spending

TOKYO -- Asian shares rose Friday, buoyed by a rally on Wall Street that came after President Joe Biden announced a bipartisan deal on infrastructure spending. Japan's benchmark Nikkei 225 jumped 0.7% in afternoon trading to 29,067.13. South Korea's Kospi gained 0.5% to 3,301.76. Australia's S&P/ASX 200 edged up 0.6% to 7,315.00. Hong Kong's Hang Seng surged 1.3% to 29,246.23, while the Shanghai Composite rose 1.1% to 3,606.50. “The breakthrough in infrastructure spending talks overnight has lifted sentiments, with spending plans historically being a positive for the markets," said Yeap Jun Rong, market strategist at IG in Singapore. "Sectors leaning towards economic recovery and reopening may see strength." A recovery in the U.S. economy is a boon for this export-driven region. Although the vaccine rollout in Asia has lagged most parts of U.S. and Europe, the perk from an overseas recovery is likely to come long before herd immunity against the coronavirus pandemic.