Asian Shares Rise

Monday 1442/2/11 - 2020/09/28
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Sydney, September 28, 2020, SPA -- Asian markets were powered on Monday by signs China's economic recovery was gaining momentum with pent-up demand, fiscal stimulus and surprisingly resilient exports boosting sentiment across the region.
MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.7% to 551.48, but stayed within striking distance of a two-month low of 543.66 hit last week.
The index is set to end the month deep in the red after three straight monthly gains as the coronavirus pandemic continues to wreak economic havoc around the world and raises investor anxiety about sky-high valuations, Reuters reported.
On the day, Chinese shares opened higher and helped to underpin Asian markets after a tentative start. The blue-chip CSI 300 index was last up 0.3%, paring some of the early gains.
Elsewhere, Japan's Nikkei was 1.3% higher, partly on a lower yen, while South Korea's KOSPI index gained 1.35%.
Australia's main share index reversed early losses to finish flat.
The broad gains in Asia follow a Wall Street rally on Friday though analysts expect the gains to be short-lived as expectations for economic growth start to falter.
In currencies, the dollar slipped from a near a two-week high against the Japanese yen to 105.32.
The euro was last at $1.1629, not far from a two-month trough of $.1611 touched on Friday.
The British pound rose 0.3% to $1.2774.
The risk sensitive Australian dollar was slightly firmer at $0.7052 after falling for six consecutive sessions as odds narrowed over the prospect of further monetary policy easing in the country.
In commodities, oil prices came under pressure as renewed mobility curbs in various countries to contain a resurgence of coronavirus cases cloud the outlook on fuel demand recovery.
U.S. Brent crude slipped 37 cents to $41.55 a barrel while U.S. light crude was down 39 cents at $39.86. Gold was a shade weaker at $1,858.2, drifting away from an all-time peak of above $2,000 an ounce touched in August.
--SPA
10:37 LOCAL TIME 07:37 GMT
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