ASIAN SHARES TRADE HIGHER ON REOPENING NEWS
Asian shares traded higher on Monday, May 11, 2020, as more countries talk of reopening their quarantined economies.
Investors seemed determined to stay optimistic and MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 1.1%, Japan Nikkei added 1.6%, Chinese blue chips gained a scant 0.7% and E-Mini futures for the S&P 500 ESc1 opened soft but bounced as the morning wore on and was last up 0.5%, according to Wayne Cole of Reuters.
While South Korea warned of a second wave of the new coronavirus as infections rebounded to a one-month high and new infections zoomed in Germany, millions of people France are gearing up to cautiously emerge from one of Europe’s strictest lockdowns on Monday.
The rally in prices has come even as the US Treasury plans to borrow trillions of dollars in the next few months to plug a gaping budget deficit and Federal Reserve Chair Jerome Powell is due to give a key note speech on Wednesday.