Asian shares rallied to a four-month high on Friday on robust U.S. payrolls data and a brisk pickup in Chinese service sector activity, but a surge in coronavirus cases in the United States kept a lid on stronger gains.
FILE PHOTO: The Shanghai Stock Exchange building in the Pudong financial district in Shanghai, China February 28, 2020. REUTERS/Aly Song
China’s services sector expanded at the fastest pace in over a decade in June, the Caixin/Markit services Purchasing Managers’ Index showed, as the easing of coronavirus-related lockdown measures revived consumer demand. Brokerage shares were leading the gains in China on hopes of further capital market reform, a move that is in part fuelled, ironically, by Washington’s attempt to restrict Chinese firms’ access to Wall Street.
A separate report on jobless claims, the most timely data on employment, showed the number of people receiving benefits after an initial week of aid actually rose 59,000 to 19.290 million in the week ending June 20. On the other hand, expanded unemployment benefits to support those who lost their jobs due to the pandemic are due to expire at the end of this month, though many investors think Congress could extend the measure.
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