A man looks at movements of the foreign exchange rate against the US dollar in Tokyo March 31, 2020. — AFP pic
It was a rosier picture in Asia, where Chinese stocks extended their gains to seven sessions, with the blue-chip index up 1.6 per cent to its highest close since June 2015. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent, still lower than a four-and-a-half-month high reached the day before.Overnight, US stocks fell, halting a five-day winning streak by the benchmark S&P 500 index, its longest this year, driven by better-than-expected economic data.
California reported more than 10,000 coronavirus cases yesterday, a record rise for a single day. That exceeded the number of contact tracers recently trained by the state to detect and prevent potential outbreaks. “We expect bullish and bearish forces to cancel each-other out,” they said in a note. “We would not chase markets higher from current levels, but would prefer to wait for the next dip.” Citi has “overweight” positions on US and emerging-market equities.
Yields for Italian bonds, which have been the biggest beneficiary of the EU recovery fund proposals, were steady.
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