Asia shares hit seven-month high amid reports of Chinese stimulus
Equities edge higher as investors cheer a rebound in US payrolls, but they remain cautious ahead of US earnings season
Sydney — Asian shares inched up to seven-month highs on Monday as investors cheered a rebound in US payrolls and hints of more stimulus in China, though there was some caution ahead of what is likely to be a tough US earnings season. In a document published on the central government’s website late on Sunday, Beijing said it will step up a policy of targeted cuts to banks’ required reserve ratios to encourage financing for small and medium-sized businesses. Chinese blue chips climbed 1.4% to territory not visited since March 2018. MSCI’s broadest index of Asia-Pacific shares outside Japan followed by gaining 0.4% to its highest since August. Japan’s Nikkei also made its high of the year so far and was last up 0.1%. E-Mini futures for the S&P 500 were little moved. On Wall Street, the benchmark S&P 500 closed higher for its seventh consecutive trading day last week, the longest winning streak since October 2017. However, a test looms as major US banks kick off what analysts expect to ...
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