Asian shares mostly higher as Biden inauguration approaches

Shares advanced in Asia on Tuesday as the coming changing of the guard in the U.S. elevated hopes for more support for the economy and more aggressive measures to fight the pandemic.

Benchmarks were higher in Tokyo, Seoul and Hong Kong but slipped in Shanghai. World markets had been subdued on Monday, with U.S. exchanges shut for a holiday.

President-elect Joe Biden's nominee for treasury secretary, former Federal Reserve chair Janet Yellen is contacting Congress to do even more to fight the recession to avoid a straight worse downturn.

In testimony prepared on her behalf confirmation hearing Tuesday prior to the Senate Finance Committee, Yellen said even more aid is needed to get coronavirus vaccines distributed - key to ending outbreaks - to reopen schools and help families fighting job losses stay fed and housed.

Analysts say attention is targeted on Wednesday's inauguration and the start of a fresh administration as President Donald Trump departs.

"The positive shift in investor optimism before inauguration day is a clear signal the market is leaning towards an early on stamp of approval on the Biden administration policy agenda," Stephen Innes of Axi explained in a commentary.

Hong Kong's Hang Seng gained 1.9% to 29,409.03 and the Nikkei 225 in Tokyo gained 1.4% to 28,633.46. South Korea's Kospi jumped 2.6% to 3,092.66. In Australia, the S&P/ASX 500 rose 1.2% to 6,742.60. The Shanghai Composite index slipped 1.1% to 3,557.99. India's Sensex jumped 1.3% and shares rose generally in most other markets aside from Malaysia and Indonesia.

Last week, Biden proposed a $1.9 trillion relief intend to provide more aid to American families, businesses and regional communities and more assist for vaccine development and distribution.

While Democrats have endorsed the effort, various Republican lawmakers have expressed concerns about the price tag given soaring federal budget deficits.

Yellen said that she and Biden were aware of the country's rising debt burden, but that ultra-low interest levels make spending extra now a good choice.

The Senate Finance Committee hearing with Yellen on Tuesday is one of the that the Senate will be holding as the incoming Biden administration tries to get its top Cabinet officials in office quickly.

Increasing the sense of urgency, coronavirus outbreaks have already been gaining even while states work to obtain COVID-19 vaccines in to the arms of as much people as possible.

Coronavirus deaths are actually rising in practically two-thirds of American states as a good winter surge pushes the entire toll toward 400,000 amid warnings a latest, highly contagious variant is taking hold.

On Monday, stock markets got off to a slow start out for the week despite news that the Chinese economy grew 2.3% in 2020 after a sharp contraction early in the entire year. That followed a retreat on Wall Street the other day.

Treasury yields have already been climbing on expectations the U.S. government will borrow a lot more to pay for the excess stimulus proposed by President-elect Joe Biden, furthermore to improved monetary growth and higher inflation. The yield on the 10-time Treasury zoomed above 1% the other day for the first time since last planting season and briefly topped 1.18% this week. The yield on the 10-12 months Treasury was 1.11% on Tuesday.

In different trading, benchmark U.S crude oil lost 7 cents to $52.35 per barrel in electronic trading on the New York Mercantile Exchange. It gave up $1.20 to $52.42 per barrel on Monday.

Brent crude, the international standard, found 31 cents to $55.06 per barrel.

The dollar rose to 104.02 Japanese yen from 103.69 yen late Monday. The euro strengthened to $1.2098 from $1.2078.