Asian shares crept toward five-month peaks on Monday as investors wagered the U.S. earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns.
FILE PHOTO: A man wearing protective face mask, following an outbreak of the coronavirus disease , walks in front of a stock quotation board outside a brokerage in Tokyo, Japan, March 10, 2020. REUTERS/Stoyan Nenov
Japan’s Nikkei gained 1.7% and South Korea 1.2%. E-Mini futures for the S&P 500 rose 0.5% even as some U.S. states reported record new cases of COVID-19, a divergence that shows no sign of stopping.“Ongoing grim U.S. COVID-19 infection news continues to be summarily ignored in favour of ongoing optimism regarding the time-line for the discovery and rapid roll-out of an effective vaccine and/or more policy support for asset prices and the U.S.
If the S&P 500 was just “tech, health care, Amazon, Google” the index would now be 4,173, they wrote in a note, way above the current level of 3,185. If made up of everything else, it would be 2,924.Yields on U.S. 10-year notes came close to record lows last week at 0.569% and were last at 0.63%. The hunt for yield has tended to benefit emerging market currencies and those leveraged to commodities such as the Australian dollar, while weighing on the U.S dollar.
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