Asian shares jump on strong China rally
Asian share markets recorded an upbeat performance on Monday. The jump followed after China shares tallied a three-week high record, with positive economic signs fuelling investors’ sentiment.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3% to reach its strongest level since March 18. The index continued its upswing after performing strongly for two consecutive weeks.
Chinese shares advanced 0.4%, recording their highest increase since April. South Korean shares also increased with a 0.4% gain, while shares in New Zealand jumped 0.6%. Japan’s Nikkei, on the other hand, salvaged initial gains to trade 0.1% higher.
Robust indicators of manufacturing activity supported investors’ enthusiasm, completely dismissing earlier concerns about larger U.S. taxes on capital gains under the Biden administration.