Asian shares follow Wall Street higher

Asian share markets followed Wall Street higher on Tuesday as China’s factories struggled to reopen after an extended break, though analysts warned investors might be underestimating how economically damaging the challenge was likely to be.

Japan’s Nikkei was closed for a holiday, though Nikkei futures traded 0.8% firmer. Futures for the Eurostoxx 50 rose 0.7% and the FTSE 0.5%. In China, factories were slow in reopening after an extended Lunar New Year break, leading analysts at JPMorgan to again downgrade forecasts for growth this quarter.

Should the contagion not peak until April, the economy could contract in the first quarter, with a rebound spread over the second and third quarters, the JPMorgan analysts said. The risks are such that investors are wagering on more stimulus from Beijing — even though conventional measures in such cases can do little to reverse a sharp slump in demand — while a host of other central banks are under pressure to safeguard their economies with cheaper loans.

The relative outperformance of the US economy is keeping the dollar well supported, with the euro slipping to a four-month low at $1.0906. The British pound was last at $1.2913 having touched a two-month trough of $1.2870.

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