Asian shares reach four-month high on recovering U.S, China economies

Asian shares recorded a four-month high on Friday backed by strong payrolls data and an upbeat recovery monitored in China s services sector. However, an increase in coronavirus cases in the United States restricted further risk-taking.

MSCI s broadest index of Asia-Pacific shares outside Japan advanced 0.5%, hitting their highest level since late February. Meanwhile, Chinese shares rallied higher as the Shanghai composite index tallied a record high last monitored in April 2019. Japan s benchmark index Nikkei jumped 0.4%.

June had seen China s services sector advancing at its fastest pace in over a decade, the Caixin/Markit services Purchasing Managers  Index (PMI) showed. The expansion followed after consumer demand grew on lockdown easing.

https://www.umarkets.com/en/news/asian-shares-reach-four-month-high-on-recovering-us-china-economies