Rebound in China’s tech sector, positive US vaccination news and easing worries about the US tapering stimulus boost sentiment ahead of a speech later this week by Fed Chair Jerome Powell
Traders at desks in the offices of Singer Captial Markets in London, the UK, on August 2, 2021. Picture: BLOOMBERG/JASON ALDEN
The MSCI’s broadest index of Asia-Pacific shares outside Japan rallied 1.7% while in Europe, the pan-European Stoxx 600 added 0.2% to the previous session’s gains.“I believe the cheery mood across US equities is here to stay in the run up to the Jackson Hole meeting, as Fed Chair Jerome Powell could only soften the hawkish tone of last week’s FOMC minutes,” Ipek Ozkardeskaya, an analyst at Swissquote, said in a note.
A sharp increase in Covid-19 infections caused by the highly contagious Delta variant have fuelled concerns about the recovery but the US Food and Drug Administration granting full approval on Monday to the vaccine developed by Pfizer raised hopes that inoculations could accelerate.
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