[HONG KONG] Asian markets rose on Monday as a further easing of lockdowns around the world offset another round of data highlighting the sharp economic pain being inflicted by the virus. Read more at The Business Times.
But she added that"while reopening momentum may well carry risk assets a bit higher over the near term, the tepid economic recovery and deep uncertainty over the virus outlook argue against a pivot to more risk-on positioning".
Sydney gained more than one per cent, Singapore and Wellington each added 0.7 per cent and Jakarta edged up 0.2 per cent. "While restaurants are opening at minimal capacity and mall traffic remains depressed, traffic congestion is beginning to tick significantly higher, suggesting that people feel confident in leaving their homes. Indeed, this is huge as the global recovery will fall 100 per cent on the back of consumer confidence."The gains come despite a flurry of downbeat economic data, including Monday's news that Japan had fallen into its first recession since 2015.
"Market reaction to these dire data releases what short lived, suggesting investors are now placing more value on forward looking indicators rather than real economic prints, which we all know have been negatively impacted by containment measures against Covid-19," said Rodrigo Catril at National Australia Bank.
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