Asian shares extend gains as economic recovery hopes build | Malay Mail

MSCI's broadest index of Asia-Pacific shares outside of Japan advanced for a ninth straight session for its longest winning streak since early 2018. — Reuters pic

The big bout of optimism for equity markets came last week after US jobs data showed a surprise fall in the unemployment rate, sending Wall Street indices surging with the Nasdaq closing at a record level yesterday. “The good news is that this shows central banks' effort to stabilise the market have worked,” said Tai Hui, chief Asia market strategist at JP Morgan Asset Management.

Tai said the “road to recovery” was still long while the threat of a second wave of coronavirus infections cannot be ruled out yet. Equity strategists at Credit Suisse said the economic recovery was more likely to be “V-shaped”, thanks to policy stimulus, and faster than the “U-shaped” recovery expected by investors, suggesting more upside for markets.US stocks were also bolstered by the Federal Reserve's move to ease the terms of its “Main Street” lending programme to encourage more businesses and banks to participate.

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