Asia shares gain ground despite fragile sentiment
Investors await a meeting of the US Federal Reserve and Chinese factory data for further clues on policy direction in the world’s biggest economies
Shanghai — Asian shares rebounded on Monday after strong US first-quarter economic growth boosted the S&P 500 index to a record high. The recovery was also supported by data showing profits at Chinese industrial companies grew for the first time in four months. Still nagged by uncertainty over the outlook for the global economy, investors were awaiting a meeting of the US Federal Reserve this week and Chinese factory data for further clues on policy direction in the world’s biggest economies. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.38%, rebounding from its biggest weekly drop in more than a month last week. Chinese blue-chips jumped 1% after losing 5.6% last week. Australian shares were down 0.43% after hitting an 11-year closing high on Friday, while Seoul’s Kospi was up 0.74%. Japan’s financial markets are closed for a long national holiday this week, but Nikkei 225 futures in Singapore were 0.85% higher. Monday’s gains follow data showing US GDP grew a...
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