Asian shares reversed earlier losses on Monday and moved back toward a three-wee...
SYDNEY - Asian shares reversed earlier losses on Monday and moved back toward a three-week top as Chinese efforts to cushion the blow from a coronavirus outbreak cheered investors, although Japanese stocks faltered amid growing recession risks.
MSCI’s broadest index of Asia-Pacific shares outside Japan was a tad firmer at 557.30, not far from last week’s peak of 558.30, which was the highest since late January. Fears about the jolt to the world economy from the coronavirus still lingered though as the number of reported new cases in China rose to 2,048 as on Sunday from 2,009 the previous day.
“The question remains over the degree of stimulus to be required given the country’s fiscal position.” Trade-dependent Singapore downgraded its 2020 economic growth forecast due to the coronavirus, while China’s economy is also widely expected to take a sharp hit.E-Mini futures for the S&P500 were up 0.2% in Asian trading on Monday.
“It adds to my suspicion that this decade-long bull market could eventually end via a blow-off bubble, driven by central bank persistent low interest rate policy,” he said in a note.
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