Asian shares rose on Monday as concerns over rising COVID-19 cases and delays in vaccine supplies were eclipsed by expectations of a $1.9 trillion fiscal stimulus plan to help revive the U.S. economy.
Global equity markets have scaled record highs in recent days on bets COVID vaccines will start to reduce the inflection rates worldwide and on a stronger U.S. economic recovery under President Joe Biden.
Still, investors are also wary about towering valuations amid questions over the efficiency of the vaccines in curbing the pandemic and as U.S.lawmakers continue to debate a coronavirus aid package.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose slightly to 721.96 and just a short distance away from last week’s record high of 727.31.
· Japanese shares gain tracking U.S. futures; tech and pharma stocks boost
Japanese shares rose on Monday, erasing early losses, led by tech and pharma stocks as U.S. futures rose on hopes that lawmakers would soon pass a massive economic stimulus to revive growth in the world’s largest economy.
The Nikkei share average gained 0.67% at 28.822.29, after declining 0.2% earlier, while the broader Topix inched up 0.29% to 1,862.00.
· China stocks close higher as consumer firms lend support
China shares ended higher on Monday, underpinned by consumer and liquor stocks, though gains were limited by Sino-U.S. tensions.
The blue-chip CSI300 index rose 1% to 5,625.92, while the Shanghai Composite Index added 0.5% to 3,624.24.
European stocks are expected to open higher on Monday as investors around the world keep across developments on the coronavirus pandemic, and plans for U.S. stimulus measures.
The pan-European Stoxx 600 index opened higher to trade up 0.8% Monday.
European markets are following their counterparts in the U.S. higher Monday; U.S. stock index futures rose in overnight trading on Sunday, as Wall Street prepares for the busiest week of earnings, which will include reports from some of the largest tech companies.
Reference: CNBC, Reuters
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