Asian markets rose on Monday after recovery hopes for the Pandemic-battered US economy fuelling another round of record highs on Wall Street to close last week’s trade.
Both the Dow and S&P finished at new peaks on Friday and also posted their fourth consecutive weekly gains, following on the heels of strong data for American housing starts, employment and retail sales.
Investors are banking on accelerated US pandemic containment efforts marking a step toward economic normalcy, with half of all adults in the country now having had at least one vaccine dose.
The easing of restrictions in Europe has also boosted optimism.
“Stocks will kick off the week at record highs, with investors digesting what appears to be an optimistic recovery despite mounting concerns about new Covid-19 variants,” said Stephen Innes of Axi.
With less economic data on the calendar in the days ahead and the Fed in a communications blackout ahead of its April 28 rates meeting, “it might be a week for spring housekeeping in the markets,” he added.
Hong Kong and Shanghai were both up more than one percent in morning trade, despite first quarter economic growth in China skating under market expectations.
Tokyo rose 0.2 percent after a shaky start with investors searching for new purchase cues.
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