Tokyo/New York — Asian shares rallied to a four-month high on Friday on robust US payrolls data and a brisk pickup in Chinese service sector activity but a surge in coronavirus cases in the US kept a lid on further risk-taking.
China’s services sector expanded at the fastest pace in over a decade in June, the Caixin/Markit services purchasing managers’ index showed, as the easing of coronavirus-related lockdown measures revised consumer demand. The country’s nonfarm payrolls surged by 4.8-million jobs in June, above the average forecast of 3-million jobs in June, thanks to rises in the hard-hit hospitality sectors.Even after two months of job recovery from May, the US economy has recovered only just more than a third of a historic plunge of 20.787-million in April.
More than three dozen US states saw increases in Covid-19 cases, with cases in Florida spiking above 10,000.
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Asian stocks slightly stronger as data lifts spiritsThe concern that surging coronavirus cases in the US may derail the world’s recovery before it begins puts equities under pressure
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