Asian shares advance on silver-driven sentiment
Asian share markets recorded an upbeat performance, while U.S. stock futures salvaged initial losses on Monday. The series of jumps could be attributed to retail investors’ found enthusiasm over precious metals, completely easing some struggling hedge funds.
After plunging for four consecutive sessions, MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.4%. Japan’s benchmark index Nikkei advanced 1.2%, while Chinese blue chips traded 0.5% higher as the country’s central bank rolled out more cash.
While futures for the S&P 500 shed about 1% during their early trade, they still recovered 0.3%. The tech-heavy Nasdaq, on the other hand, firmed 0.1%
Retail investors are currently eyeing silver, with the metal gaining 6% to touch a six-month peak. The jump was seen as an opportunity to reduce the need for distressed selling of stock funds.