SYDNEY- Asian shares hovered near 1-1/2 week highs on Monday helped by expectations monetary policy will remain accommodative the world over, while COVID-19 vaccine rollouts help ease fears of another dangerous wave of coronavirus infections.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last at 695.59, within striking distance of Friday’s high of 696.48 – a level not seen since Apr. 7.
The index jumped 1.2 percent last week and is up 5 percent so far this year, on track for its third straight yearly gain.
“The extremely supportive monetary and fiscal policy setting continues to provide a fertile environment for risk assets,” said Rodrigo Catril, senior forex strategist at National Australia Bank.
Australian shares were 0.25 percent higher while New Zealand’s benchmark index and South Korea’s KOSPI added 0.4 percent each. Japan’s Nikkei eased 0.4 percent.
On Friday, the S&P 500 gained 0.4 percent to close at a new record high while clocking its sixth straight weekly gain. The Dow finished 0.5 percent, also at a record high while the Nasdaq climbed 0.1 percent.
E-mini futures for the S&P 500 were down 0.3 percent in early Asian trading.
This week is off to a quiet start with no major data releases slated on Monday.
Investors will keep their eyes peeled for earnings from IBM and Coca-Cola later in the day.
Netflix reports on Tuesday while later in the week American Airlines and Southwest will be the first major post-COVID cyclicals to post results.
