SYDNEY: Asian shares managed a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity even as other ...
SYDNEY: Asian shares managed a tentative rally on Tuesday as factory data from China held out the hope of a rebound in activity even as other countries across the globe all but shut down.
Still, the headline number was a relief and helped MSCI's broadest index of Asia-Pacific shares outside Japan rise 1.1%.Advertisement"It's month-end rebalancing, whereby balanced funds now underweight equities versus fixed income given this month's valuation destruction, need to buy stocks to get back into balance," analysts at NAB said.
Infections in hard-hit Italy slowed a little, but the government still extended its lockdown to mid-April. California reported a steep rise in people being hospitalised, while Washington state told people to stay at home. Month-end demand for dollars from Japanese funds saw the dollar inch up to 108.45 yen, though it remained some way from last week's peak at 111.71.
"However, the reality is that the level damage to demand is likely to overwhelm any production cut agreement between major producers," wrote analysts at ANZ in a note.
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