SYDNEY: Asian shares pushed to three-month highs on Monday as progress on opening up economies helped offset jitters over riots in U.S. cities and unease over Washington's power struggle with Beijing.
An official business survey from China showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened.Advertisement The resilience was notable given major U.S. cities were cleaning up streets strewn with broken glass and burned out cars as curfews failed to stop confrontations between activists and law enforcement.
"To the extent that some sectors may never return to pre-pandemic business-as-usual, labour faces a substantial challenge to reallocate workers," he added."Such a process could be a matter of years rather than months or quarters and in the meantime it would weigh on consumer demand." The decline in U.S. yields has been a burden for the dollar, but the world's reserve currency also tends to benefit from safe-haven status to limit the losses.
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