Asian shares inched up to seven-month highs on Monday as investors cheered a reb...
SYDNEY - Asian shares inched up to seven-month highs on Monday as investors cheered a rebound in U.S. payrolls and hints of more stimulus in China, though there was some caution ahead of what is likely to be a tough U.S. earnings season.
Chinese blue chips climbed 1.4 percent to territory not visited since March last year. MSCI’s broadest index of Asia-Pacific shares outside Japan followed by gaining 0.4 percent to its highest since August. However, a test looms as major U.S. banks kick off what analysts expect to be the first quarter of contracting corporate earnings since 2016.Minutes of the Federal Reserve’s last policy meeting are due out on Wednesday.
“This data assuages both the downside and upside fears,” said Alan Ruskin, global head of G10 FX Strategy at Deutsche Bank. “Fears of soft growth are assuaged. On the upside, the wage data does not point to further acceleration that would threaten inflation.” The dollar held its recent gain on the Japanese yen at 111.52, but again needs to clear the March top of 112.12 to spark a true uptrend.
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