{"id":111431,"date":"2021-04-07T05:50:58","date_gmt":"2021-04-07T05:50:58","guid":{"rendered":"https:\/\/fin2me.com\/?p=111431"},"modified":"2021-04-07T05:50:58","modified_gmt":"2021-04-07T05:50:58","slug":"asian-shares-climb-to-three-week-highs-on-vaccine-optimism-dollar-retreats","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/asian-shares-climb-to-three-week-highs-on-vaccine-optimism-dollar-retreats\/","title":{"rendered":"Asian shares climb to three-week highs on vaccine optimism, dollar retreats"},"content":{"rendered":"

SYDNEY\/NEW YORK (Reuters) -A gauge of Asian shares climbed to three-week highs on Wednesday as investors eyed the upcoming earnings season for further signs of a global economic recovery, while the dollar slipped to a two-week low.<\/p>

FILE PHOTO: A man stands on an overpass with an electronic board showing Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China January 6, 2021. REUTERS\/Aly Song<\/figcaption>

MSCI\u2019s broadest index of Asia-Pacific shares outside of Japan was up 0.3% for its second straight day of gains. It went as high as 697.01, a level last seen on March 18.<\/p>\n

Japan\u2019s Nikkei was a shade higher while Australian shares rose 0.6% and South Korea\u2019s KOSPI added 0.5%.<\/p>\n

Chinese shares, however, were weaker with the bluechip CSI300 index down about 1% after a strong rally last week.<\/p>\n

\u201cThe U.S. economy is experiencing the first effects of a powerful double-dose vaccine of broad inoculation and fiscal stimulus,\u201d said David Kelly, chief global market strategist at J.P. Morgan Asset Management.<\/p>\n

\u201cThe reality is that forecasts remain very uncertain…(but) early signs show the recovery is accelerating, suggesting a faster return to \u2018normal\u2019 than many had dared to hope a few months ago,\u201d Kelly added.<\/p>\n

Overnight, the three major Wall Street indexes closed lower, a day after the S&P 500 and the Dow rose to record levels driven by optimism from a greater-than-expected jobs report last Friday and data showing a dramatic rebound in the U.S. services industry on Monday. [.N]<\/p>\n

The Dow fell 0.3%, the S&P 500 lost 0.10% and the Nasdaq Composite eased 0.05%.<\/p>\n

Investors also weighed the latest U.S. job openings report, which showed that vacancies rose to a two-year high in February while hiring had its biggest gain in nine months amid increased COVID-19 vaccinations and additional government stimulus.<\/p>\n

Moreover, the International Monetary Fund raised its global growth forecast to 6% this year from 5.5%, reflecting a rapidly brightening outlook for the U.S. economy.<\/p>\n

With the upcoming earnings season expected to show S&P profit growth of 24.2% from a year earlier, according to Refinitiv data, investors will be watching to see whether corporate results further confirm recent positive economic data.<\/p>\n

Elsewhere, the five-year U.S. Treasury yields dropped sharply to 0.874%, weighing on the U.S. dollar. [FRX\/]<\/p>\n

The five-year Treasury yield is seen as a major barometer of how much faith investors have in the Federal Reserve\u2019s pledge that it does not expect to raise interest rates until 2024.<\/p>\n

The dollar slipped to a two-week low against a basket of world currencies, with traders taking advantage of its strong March performance as dropping Treasury yields pressured the greenback.<\/p>\n

The dollar index fell to 92.258.<\/p>\n

The euro was flat at $1.1874, sterling was slightly higher at $1.3835, the Australian dollar rose to $0.7668, while the Japanese yen was higher at 109.62.<\/p>\n

Crude oil prices rose on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report showing that crude inventories in the United States, the world\u2019s biggest fuel consumer, fell in the week-ended April 2. [O\/R]<\/p>\n

Brent crude futures for June rose by 34 cents, or 0.5%, to $63.08 a barrel while U.S. crude for May was up 32 cents, or 0.5%, to $59.65.<\/p>\n

Spot gold was off a touch at $1,737.6 an ounce.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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