Asian stocks zoom to record highs on rebound hope

Asian stocks zoomed to record highs on Friday (January 8).

Traders in South Korea led the charge.

The country’s benchmark Kospi index ended the day almost 4% up.

But there were gains around the region too, with Japan’s Nikkei rising over 2%.

That left it at a new three-decade peak.

The gains come after Wall Street hit fresh record highs on Thursday (January 7).

Investors are betting that a new Democrat-controlled administration will spend big to support economic recovery.

They’re looking beyond the recent chaos on Capitol Hill, even amid mounting talk of a bid to oust President Donald Trump before his term ends.

Chipmakers were among the big gainers in Asia after strong earnings from Samsung Electronics.

The South Korean giant said fourth quarter profit probably jumped by more than a quarter as home working drove demand for electronics.

Samsung shares surged over 7% following the bullish outlook.

Markets in Europe then joined the gains.

Germany’s Dax index led the way, rising as much as one percent in early trade.

That put it too at record highs.

Sentiment was again helped by better-than-expected economic data.

German industrial output and exports both beat forecasts in November.