Asian shares extended gains on Tuesday as more countries emerged from their economic lockdowns and a successful early-stage trial of a coronavirus vaccine cheered sentiment, although oil shed some of its early moves higher.
FILE PHOTO: Passersby wearing protective face masks, following an outbreak of the coronavirus, are reflected on a screen displaying stock prices outside a brokerage in Tokyo, Japan March 6, 2020. REUTERS/Issei Kato
Many economies could post strong activity data from May as a result of easing restrictions, but the initial burst may give market participants a false sense of a return to normal, CBA said in a research note. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.8% to two-week highs, after U.S. stocks ended the previous session with gains. The index is, however, down 1.9% so far this month.
“It may be the case that central bank liquidity is chloroforming markets to overlook risks such as overleveraged corporate and government balance sheets, growing COVID-19 case numbers, growth holes and a slow recovery path,” analysts at Perpetual wrote in a note.
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