Asian shares scaled four-month peaks on Monday as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery, even as surging coronavirus cases delayed re-openings across the United States.
FILE PHOTO: A man wearing protective face mask, following an outbreak of the coronavirus disease , walks in front of a stock quotation board outside a brokerage in Tokyo, Japan, March 10, 2020. REUTERS/Stoyan NenovEyes were on Chinese blue chips, which jumped 3%, 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 1.3%.
E-Mini futures for the S&P 500 also firmed 0.8%, while EUROSTOXX 50 futures added 1.8% and FTSE futures 1.5%. “It is very clear that the U.S. never got the COVID outbreak under control the way that other countries did. By reopening the economy too soon, we have seen a frightening increase in the pace of new cases,” said Robert Rennie, head of financial market strategy at Westpac.“So markets will have to climb a wall of worry in July as economic activity likely softens from the V-shaped recovery seen over recent months,” warned Rennie. “We must remember too that U.S.
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