SHANGHAI/HONG KONG - Asian shares climbed on Monday, with markets in Europe poised to track their gains, after strong U.S. first-quarter economic growth and data showing profits at Chinese industrial firms grew for the first time in four months.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.5 percent, rebounding from its biggest weekly drop in more than a month last week. Monday’s gains follow data showing U.S. gross domestic product grew at a faster 3.2 percent annualized rate in the first quarter. “We have flipped from a state where it is a stock rally no one wants to take part in, to a frenzied paced splurge where hedge funds and investors alike continue to chase markets like greyhounds to the mechanical rabbit,” he said in a note.
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