Asian stocks bounce as bond market calms

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Asian shares firmed on Monday as some semblance of calm returned to bond markets after last week's wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy.

SYDNEY - Asian shares firmed on Monday as some semblance of calm returned to bond markets after last week’s wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy.

Also helping sentiment was news deliveries of the newly approved Johnson & Johnson COVID-19 vaccine should start on Tuesday. “Market participants remain nervous over the prospect of higher inflation as economies look to reopen aided by vaccine roll outs, high levels of savings along with solid fiscal and monetary support.”

BofA’s U.S. Economist Michelle Meyer lifted her forecast for economic growth to 6.5% for this year and 5% next, due to the likelihood of the larger stimulus package, better news on the virus front and encouraging data. Early Monday, the euro was holding at $1.2086, compared to last week’s peak of $1.2242, while the dollar held near a six-month top on the yen at 106.50.

 

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Asian shares rallied on Monday as some semblance of calm returned to bond markets after last week's wild ride. However, The bond market is arguably the oldest financial securities market on the planet.

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