Asian stocks recover on easing bond market
Asian share markets performed positively on Monday, recording some gains as bond markets eased from a wild upswing seen last week. Meanwhile, investors had found enthusiasm as a massive stimulus package in the United States fuelled rebound-driven economic hopes.
MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.1% increase. The rebound came after the index plunged 3.7% last Friday. Japan’s Nikkei traded 2.0% higher, while futures for the Nasdaq and S&P 500 jumped 0.8% and 0.7% respectively.
Yields on the benchmark U.S. 10-year Treasury notes stepped down to 1.40%, easing from last week’s peak of 1.61%. While there was a decline, they still recorded an increase of 11 basis points last week and 50 basis points so far this year.
Investors’ risk appetite could partly be attributed to Johnson & Johnson’s approved coronavirus vaccine, with deliveries expected to start on Tuesday.