Asia shares advanced on Monday after a surprise recovery in U.S. employment lifted hopes of a quicker global economic revival after many weeks of lockdowns aimed at controlling the coronavirus pandemic.
FILE PHOTO: A passerby wearing a protective face mask, following an outbreak of the coronavirus, walks past an electronic board showing the graphs of the recent movements of Japan's Nikkei share average outside a brokerage in Tokyo, Japan March 6, 2020. REUTERS/Issei Kato
MSCI’s broadest gauge of Asia-Pacific shares outside Japan rose 0.23%, extending gains to an eighth straight day. The index has surged 34% from 4-year lows struck in mid-March when the world was grappling with the pandemic. The data raised hopes of a quick economic recovery as governments worldwide ease social curbs aimed at stemming the virus.
The jobs data also bumped up U.S. bond yields, with the 10-year Treasuries yield rising to as high as 0.959% on Friday, a level not seen since mid-March. It last stood at 0.897%. In Japan, revised gross domestic product data for the first quarter showed the economy contracted less than initially thought, though the outlook suggested the nation was facing its worst postwar slump due to the pandemic.
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