SYDNEY: Asian shares began warily on Monday as investors eyed efforts to stitch together more fiscal stimulus in the eurozone and United States to help economies ride out the effects of a record jump in COVID-19 cases globally.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat at 541.49, with Australian shares down 0.3% and South Korea's KOSPI just a shade higher.Last week, European, U.S. and other equity markets notched their third weekly gain in a row, although the pace of the rally has slowed.Investor focus is squarely on a European Union Summit where leaders are haggling over a plan to revive economies throttled by the COVID-19 pandemic.
"The commitment by EU leaders in extending talks and reports of further talks if no agreement is reached today shows the desire to have the recovery fund in some form," said NAB analyst Tapas Strickland.In the United States, the Congress is set to begin debating a new aid package this week, as several states in the country's South and West implement fresh lockdown measures to curb the virus.
"Wall Street remains upbeat, but sentiment on Main Street is turning grim in response to the upsurge in COVID-19 cases that is prompting a renewal of lockdown restrictions," Oxford Economics said in a note.
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