SYDNEY- Asian shares rose on Monday as concerns over rising COVID-19 cases and delays in vaccine supplies were eclipsed by expectations of a $1.9 trillion fiscal stimulus plan to help revive the US economy.
Global equity markets have scaled record highs in recent days on bets COVID vaccines will start to reduce the inflection rates worldwide and on a stronger US economic recovery under President Joe Biden.
Still, investors are also wary about towering valuations amid questions over the efficiency of the vaccines in curbing the pandemic and as USlawmakers continue to debate a coronavirus aid package.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose slightly to 721.96 and just a short distance away from last week’s record high of 727.31.
The benchmark is up 8.5 percent so far in January, on track for its fourth straight monthly rise.
Japan’s Nikkei rebounded from falls in early trading to be up 0.36 percent.
Australian shares were slightly higher too after the country’s drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with authorities saying a phased rollout will begin late next month.
Chinese shares rose, with the blue-chip CSI300 index up 0.6 percent.
“The spotlight will be on Washington DC this week,” said Stephen Innes, Chief Global Markets Strategist at Axi.
