The London Stock Exchange building is seen in the city of London, UK. Picture: REUTERS/TOBY MELVILLEEuropean shares jumped on Monday after , while the euro extended on last week’s European Central Bank inspired gains.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.7%, having bounced modestly from a two-year low hit last week. Japan’s Nikkei added another 1.2%, after rallying 2% last week. The news of Ukrainian advances also helped lift the euro, which extended last week’s post European Central Bank gains to rise to its highest against the dollar in almost four weeks.
Meanwhile, peripheral eurozone government bonds underperformed their peers, hurt by reports that the ECB may next month kick off a debate about reducing the size of their balance sheet. “There is an urgency to front load rate hikes and take rates to neutral as soon as possible,” said Mohit Kumar, interest rate strategist at Jefferies, in a note.
Still, the index is up over 12% this year, having gained over 10% against the euro, 13% against the pound and 24% against the Japanese yen.
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