Source (Reuters) – Asian shares scaled four-month peaks on Monday as investors counted on a revival in Chinese activity to boost global economic growth, even as surging coronavirus cases delayed business re-openings across the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.6% to its highest since February, with the bullish sentiment spilling into other markets.
EUROSTOXX 50 futures were trading up 2.3% and FTSE futures 1.5%, while E-Mini futures for the S&P 500 firmed 1.1%.
Eyes were on Chinese blue chips which jumped 5.4%on top of a 7% gain last week, to their loftiest level in five years. Even Japan’s Nikkei, which has lagged with a soft domestic economy, managed a rise of 1.8%.
In Hong Kong, Jefferies chief global equity strategist Sean Darby said the positive sentiment towards Asian markets was the result of better than expected regional economic data and elevated liquidity levels.