Asian shares advance, Chinese blue chips lead rally

17.08.2020 - Petr Mazaylo
Asian shares advance, Chinese blue chips lead rally

Asian shares climbed on Monday, placing near their recent highs as Chinese markets advanced. Meanwhile, investors waited if a sell-off in longer-dated U.S. Treasuries would expand and relieve the struggling dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.5% to 565.74. The index closed its session near its 574.52 record seen in January.

Chinese blue chips led the rally with a 2.0% gain. E-mini futures for the S&P 500 jumped 0.39%, placing just below the record peak of 3,386.15.

Japan’s benchmark index Nikkei dropped 0.6%, declining from a six-month peak on Friday. This followed after Japan’s economy contracted to its sharpest level in the second quarter.

The deteriorating Sino-U.S. relationship remains to be a pressing concern as U.S. President Donald Trump warned about exerting pressure on Chinese companies after his move of banning TikTok.

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