Fri. Oct 30th, 2020

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Asian shares buoyed by China optimism

1 min read
asian markets

Asian markets were powered on Monday by signs China’s economic recovery was gaining momentum with pent-up demand, fiscal stimulus and surprisingly resilient exports boosting sentiment across the region.

The brighter mood was seen extending to Europe, with eurostoxx 50 futures and Germany’s DAX futures jumping 1.7% each at the open, while London’s FTSE futures climbed 1.3%.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.7% to 551.48, but stayed within striking distance of a two-month low of 543.66 hit last week.

The index is set to end the month deep in the red after three straight monthly gains as the coronavirus pandemic continues to wreak economic havoc around the world and raises investor anxiety about sky-high valuations.

On the day, Chinese shares opened higher and helped to underpin Asian markets after a tentative start. The blue-chip CSI 300 index was last up 0.3%, paring some of the early gains.

Sentiment in Asia was supported by weekend data that showed profits at China’s industrial firms grew for the fourth straight month in August buoyed in part by a rebound in commodities prices and equipment manufacturing.

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