The world’s shares are now traded at the most expensive levels since 2002 compared with projected earnings in the coming 12 months. — Reuters pic
MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat while mainland Chinese stocks ticked up 0.3 per cent to 3-1/2-month highs. Highlighting economic challenges from the impact of social restrictions to contain the pandemic, Apple Inc said on Friday it would temporarily shut 11 US stores as coronavirus cases rise in some states, triggering selling in stocks.“The second wave is becoming a theme for markets. The increase in states such as Florida and South Carolina is big enough to be labelled as second wave,” said Yoshinori Shigemi, global strategist at JPMorgan Asset Management.
“The market has been pricing in a rapid recovery so I doubt there are much upside gains to be made. We now need to see whether the earnings outlook will meet up with expectations,” said Takuya Hozumi, investment strategist at Mitsubishi UFJ Morgan Stanley Securities. China’s top legislative body, the National People’s Congress Standing Committee, will meet on June 28, and the Global Times reported it would likely enact the Hong Kong security law by July 1.In currencies, major currencies were mostly steady.The yen changed hands at 106.88 per dollar, not far from a one-month high of 106.58 to the dollar hit earlier this month.
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