MSCI’s broadest index of Asia-Pacific shares outside Japan had hit its highest level since launching in 1987 as Japan pulled out of recession. — Reuters pic
That news helped the MSCI World Index of global shares to extend gains, rising by 0.6 per cent to just shy of a record high hit briefly this month, building on strong overnight gains in Asia’s leading markets and a stronger open for most European bourses. “The markets get the new trading week off to a solid start, which is encouraging given all the excitement generated in the last seven days by news of vaccine breakthroughs,” said AJ Bell investment director Russ Mould.The announcement by Moderna followed similarly positive news a week ago from rival Pfizer.
After languishing for much of the day, the dollar perked up to trade marginally stronger against a basket of currencies , albeit kept in check by fresh data over the weekend showing a rise in the number of Covid-19 cases. “We think this global recovery is sustainable, synchronous and supported by policy, following much of the ‘normal’ post-recession playbook. Overweight equities and credit against cash and government bonds, and sell dollars.”