Asian shares jump on recovery-driven sentiment
Asian share markets were seen upbeat on Tuesday as another batch of strong economic figures in the United States heavily fueled investors’ enthusiasm. However, currency and bond markets eased after an upswing recorded by the dollar and U.S. Treasury yields.
MSCI’s broadest index of Asia-Pacific shares outside Japan tallied a 0.4% increase. Japan’s benchmark index Nikkei placed near its two-week high, while the Shanghai Composite traded flatly. The Dow, together with the S&P 500, ended higher the previous day.
The series of gains across the region could be owed mainly to the United States’ upbeat services sector. However, U.S. bond yields and the dollar saw a decline in investors’ expectation that the U.S. economy would stage a brisk rebound. In addition to this, investors were waiting for the U.S. Federal Reserve’s implementation of rate hikes sooner than expected.