World shares gain on recovery-driven hopes
Global share markets were seen upbeat, while U.S. bond yields placed near their 13-month peak on Monday. The series of gains came after U.S. President Joe Biden’s stimulus package was enacted last week, increasing investors’ optimism that the country’s economy will stage an impressive expansion.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, with Hong Kong shares topping the board. In mainland China, shares traded lower even after the country’s industrial output and retail sales jumped.
Futures for the S&P 500 soared 0.2% during their early Asian trade, placing just below a record peak seen last week. Japan’s Nikkei recorded a 0.3% increase.
Risk assets were generally upbeat, and this could be attributed mainly to coronavirus vaccine rollouts in the United States. More so, Biden’s $1.9 trillion stimulus package was finally legislated, contributing to investors’ enthusiasm.