GLOBAL SHARES ADVANCE ON POSITIVE US JOBS REPORT

In Tokyo, US stock futures and Asian shares advanced on Monday after a surprise uptick in US employment recovery gave further confidence of a quick economic recovery after many weeks of lockdowns aimed at controlling the coronavirus pandemic, Hideyuki Sano wrote for Reuters on June 8, 2020.

US S&P500 futures rose 0.5% to stand near their highest levels since late February while Japan’s Nikkei opened more than 1% higher.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3% in early trade, with South Korea’s Kospi rising 1.4%. The Australian share market was closed for a holiday. US bond prices have tumbled, with the 10-year Treasuries yield rising to as high as 0.959% on Friday, a level last seen in mid-March.

Although there are some risk factors such as weekend demonstrations in the US and concerns about the second wave of the coronavirus, hopes of economic reopening are taking the lead,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.