Asian shares soar on slowing virus cases, euro remains frail
TOKYO- Asian shares and U.S. stock futures clocked in gains on Wednesday. Upbeat market activity followed as investors grew a bit optimistic on recent decline in the novel coronavirus’s number of new cases.
MSCI’s broadest index of Asia-Pacific shares outside Japan strengthened with 0.03%. The index fluctuated during its early session simultaneously switching between earnings and declines. Chinese shares reversed moderately with 0.15% gains. Australian shares added 0.02%, as Japanese Nikkei stock index climbed up to 0.5%.
The euro suffered close enough in hitting a three-year low against the greenback as weak figures from Germany, Europe’s biggest economy, brought in anxiety that the euro zone is more susceptible to external risks than previously assessed.
The Treasury curve stayed upside down on Wednesday as yields on three-month bills performed above 10-year notes yields, a clear indication that investors are still wary about the forecast.
China struggles to regain the momentum of manufacturing sector after the implementation of city-wide lockdowns and transportation restrictions. Schemes imposed were aimed at containing the spread of the novel coronavirus which originated from Hubei Province of China last quarter of 2019.