Asian shares on track for third weekly rally
Monday saw an increase in Asian share markets, putting them on track for their third weekly jump. Investors’ enthusiasm was mainly from optimism that employment figures in the United States will indicate a rebound in hiring, suggesting a sustained global economic recovery.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded a fraction firmer. Japan’s benchmark index Nikkei was seen stagnant, while Australian shares advanced 0.2% to hit a new all-time high. While U.S. markets were off for a holiday, the Nasdaq and the S&P 500 still had their upbeat sessions in Asia.
The markets’ positive performance came ahead of U.S. payrolls, with investors taking the Federal Reserve’s word of waiting for an improvement in employment before it engages in taper talks.