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· Asian shares gained on Wednesday in the wake of Wall Street’s massive rebound as U.S. senators and Trump administration officials reached an agreement on a giant economic stimulus bill to alleviate the economic impact of the coronavirus outbreak.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 3.4% while Japan's Nikkei .N225 surged 6.9%.

“Japanese shares have been bolstered by aggressive buying from the Bank of Japan and pension money this week. That has prompted hedge funds to cover their short positions,” said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

· Japan’s benchmark Nikkei jumped 8% on Wednesday, its biggest daily gain since 2008, after Wall Street made an outsized rebound and U.S. senators and Trump administration officials reached an agreement on a massive stimulus bill.

The Nikkei average closed at 19,546.63 points after its sharpest one-day advance since the peak of the global financial crisis in October 2008.

It has gained 18% in the last three sessions, driven by a confluence of positive factors.

On top of big U.S stimulus, buying by the Bank of Japan and likely also by the country’s pension fund, triggered a wave of short-covering.

The news that the Tokyo Olympics will be postponed to next year rather than cancelled provided relief while SoftBank Group , heavyweight in the Nikkei, soared 55% in the last three sessions, on record share buy-back and asset sales plan.

· China stocks were at a one-week high on Wednesday as U.S. senators and Trump administration officials reached an agreement on a massive economic stimulus bill to cushion the economic hit from the coronavirus outbreak.

The Shanghai Composite index closed up 2.2% at 2,781.59. The blue-chip CSI300 index gained 2.7%. Both benchmarks hit their highest since March 18 during the session.

· Effective containment of the coronavirus outbreak and the promise of policy stimulus have led to Chinese stocks faring better than their global peers this year, even as foreign investors pull out of the market.

Foreign portfolio outflows from mainland markets are set to hit a monthly record, with investors rushing for the safety of U.S. dollars as global equities markets tumble.

As of Tuesday, the S&P500 index .SPX and the MSCI world price index .MIWO00000PUS have both slumped nearly 30% since Feb. 20, when coronavirus fears first gripped markets. By comparison, China's benchmark Shanghai index .SSEC fell about 15% between mid-January and its trough in mid-March.

· European markets opened higher Wednesday after U.S. senators agreed to the Trump administration’s massive economic rescue bill, unlocking $2 trillion worth of funds.

The pan-European Stoxx 600 climbed 2.3% in the early minutes of trading, with financial services adding 4.4% to lead gains as all sectors and major bourses entered positive territory.