GLOBAL MARKETS-Asia shares rise on supportive Fed as Biden unveils new stimulus

* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Global asset performance http://tmsnrt.rs/2yaDPgn
* World FX rates http://tmsnrt.rs/2egbfVh

By Kane Wu
HONG KONG, April 29 (Reuters) - Asian shares rose in early
trade on Thursday after the U.S. Federal Reserve said it was too
early to consider rolling back emergency support for the
economy, and as U.S. President Joe Biden unveiled plans for a
$1.8 trillion stimulus package.
Fed Chair Jerome Powell said on Wednesday that "it is not
time yet" to begin discussing any change in policy after the
U.S. central bank left interest rates and its bond-buying
programme unchanged, despite taking a more optimistic view of
the country's economic recovery. Powell's comments came before Biden's unveiling of a
sweeping package for families and education in his first speech
to Congress. Excerpts of Biden's speech released in advance by the White
House "hit the high points - big infra(structure) spend, talking
climate action and vaccines," said John Milroy, investment
adviser at Ord Minnett. "The Fed remains dovish, all very
supportive."
Early in the Asian trading day, MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.1%.
Australia's S&P/ASX 200 .AXJO edged up 0.31%, as strong
oil prices lifted energy stocks.
China's blue-chip CSI300 index .CSI300 was 0.65% higher in
early trade. Hong Kong's Hang Seng index .HSI opened up 0.7%,
Seoul's KOSPI .KS11 added 0.37% and Taiwan shares .TWII rose
0.48%.
Markets in Japan were closed for a holiday but Nikkei
futures NKc1 edged 0.05% higher to 28,970.
Tech shares got a boost after Apple Inc AAPL.O on
Wednesday posted sales and profits ahead of Wall Street
expectations, though it warned a global chip shortage could dent
iPad and Mac sales by several billion dollars. Nasdaq futures NQcv1 were 0.79% higher and S&P e-mini
futures EScv1 added 0.48% after Wall Street ended lower on
Wednesday. The Dow Jones Industrial Average .DJI fell 0.48% to
end at 33,820.38 points, while the S&P 500 .SPX lost 0.08% to
4,183.18. The dollar dropped 0.15% against the yen to 108.43 JPY=
and the euro gained 0.2% to 1.2147 following the Fed's decision
to maintain supportive policies.
Oil prices extended gains on Thursday after rising 1% in the
previous session as bullish forecasts for a demand recovery this
summer offset concerns of rising COVID-19 cases in India, Japan
and Brazil.
Brent crude LCOc1 for June rose 0.37%, to $67.52 a barrel
while U.S. West Texas Intermediate crude CLc1 for June was at
$64.12 a barrel, up 0.41%.
Spot gold XAU= added 0.42% to $1,788.72 an ounce.

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