Asian shares climb on hopes US finally to get more stimulus

Shares were mostly higher in Asia on Thursday, buoyed by hopes the U.S. Congress may finally deliver fresh aid to help American businesses and families weather the pandemic.

Benchmarks rose in Tokyo, Hong Kong and Shanghai but fell in South Korea.

Overnight, the S&P 500 edged close to a record after the Federal Reserve pledged to keep buying bonds until the economy makes substantial progress from its virus-wracked state.

Congressional leaders appeared late Wednesday to be on the brink of a COVID-19 economic aid package that would extend help to individuals and businesses and ship coronavirus vaccines to millions.

Negotiators were working on a $900 billion package that would revive subsidies for businesses hit hard by the pandemic, help distribute new vaccines, fund schools and renew soon-to-expire jobless benefits. They’re also looking to include new direct payments of about $600 to most Americans.

Help for the U.S. economy is seen as crucial for the global economy and the many exporters that rely on American demand to keep their own factories running.

But optimism over a possible deal after many false starts has been tempered with concern over a resurgence of coronavirus cases in many Asian regions at a time when the rollout of vaccinations has barely begun.

In Japan, Tokyo reported 822 new cases of the coronavirus, a new high for the Japanese capital and a sharp increase from its previous record the day before, as the country struggles with a latest wave of resurgence nationwide.

Infections have been on the steady climb nationwide for several weeks and experts raised caution levels for the city's medical systems to highest on their scale of four.

Still, the Nikkei 225 index gained 0.2% to 26,806.67, while in Hong Kong, the Hang Seng index rose 0.6% to...