Asian shares briefly brushed seven-month peaks on Monday as investors cheered a ...
SYDNEY - Asian shares briefly brushed seven-month peaks on Monday as investors cheered a rebound in U.S. payrolls and hints of more stimulus in China, but caution soon surfaced ahead of what is likely to be a tough U.S. earnings season.
Chinese blue chips initially climbed to territory not visited since March last year, only to fade 1 percent as the session wore on. MSCI’s broadest index of Asia-Pacific shares outside Japan went flat having reached 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.Before that, 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 surrendered some of its recent gains on the Japanese yen to 111.41, and again needs to clear the March top of 112.12 to spark a true uptrend.
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