Asian shares notched a 29-month high on Monday as investors wagered monetary and fiscal policies globally would stay super stimulatory, while an upbeat reading on China’s service sector augured well for continued recovery there.
Asian Shares
- MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5% to reach its highest since March 2018, extending a 2.8% gain last week.
- Chinese blue chips .CSI300 firmed 0.7% to reach levels not seen since mid-2015. Surveys showed Chinese manufacturing activity edged back a tick to 51.0 in July, but services jumping a full point to 55.2 in a hopeful sign of reviving consumer demand.
- E-Mini futures for the S&P 500 ESc1 climbed another 0.5%, while EUROSTOXX 50 futures STXEc1 added 1%.
- Early Monday, the dollar index was off at 92.341 =USD and just a whisker above the recent two-year low of 92.127.
- The euro stood at $1.1902 EUR=, having climbed 0.9% last week.
Currency Markets
- In commodity markets, the weakness in the dollar helped underpin gold at $1,969.
Oil Price
- Oil prices steadied, having dipped on Friday after Hurricane Laura passed the heart of the U.S. oil industry without causing any widespread damage.
- Brent crude LCOc1 futures rose 26 cents to $46.07 a barrel.
- U.S. crude CLc1 gained 13 cents to $43.10.
