SHANGHAI - Asian shares rebounded on Monday after strong U.S. first-quarter economic growth boosted the S&P 500 index to a record high, and the recovery was also supported by data showing profits at Chinese industrial firms grew for the first time in four months.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.38 percent, rebounding from its biggest weekly drop in more than a month last week.Australian shares were down 0.43 percent after hitting an 11-year closing high on Friday, while Seoul’s KOSPI was up 0.74 percent. “Investors are still looking for direction in terms of growth, but at the same time there is still quite a lot of uncertainty” on U.S.-China trade and the U.S. dollar, said Joanne Goh, equity strategist at DBS Bank in Singapore.In contrast with weakness in Asian markets last week, Wall Street ended Friday on a high note, propelled by the GDP figures.
While the strong U.S. GDP data helped to ease fears of an imminent recession, investors noted that it was driven by a smaller trade deficit and a large accumulation of unsold merchandise, as consumer and business spending slowed sharply. “The hope that there will be more stimulus coming out from China probably is diminishing,” said Goh at DBS.
Was US GDP to large to handle?
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