Tel Aviv Stock Exchange jumps as Asia responds to bond purchases

In a rare bit of sunny news, major indexes on the Tel Aviv Stock Exchange are all showing solid gains after the opening bell, joining other Asian markets responding positively to government efforts to buoy coronavirus-wracked economies.

The benchmark TA-35 and TA-125 indexes saw a spike of over 4% before a drop pared back the gains slightly. Market benchmarks in Tokyo and South Korea have risen nearly 6% while Shanghai, Hong Kong and Australian markets also gained.

The Bank of Israel said Monday it would purchase NIS 50 billion ($13.4 billion) in government bonds on the open market to ease credit conditions and bolster the economy.

In the US, the Federal Reserve promised to buy as many Treasurys and other assets as needed to keep financial markets functioning.