Asia Shares Jump to Five-Year Peak

Asian Shares reached a 4-month high on Monday as traders acted on the revival of Chinese activity to support the global economic growth, despite the high number of Covid-19 cases in US that had delayed the reopening of the economy.

MSCI’s Asia Pacific Index outside Japan fell 1.5% to its highest level since February.

The focus was on Chinese blue chips that jumped 4.7%, with 7% recorded last week, marking a 5-year high. Japanese Nikkei added 1.8%.

Most companies had gained some strength last week as data on the globe came out higher than expected despite the re-emergence of Covid-19 cases US casting a shadow on the economy and the future.

United States had reported a record increase at the beginning of the month in number of cases, with total infections reaching nearly 3 million, with more than 130,000 deaths, according to Reuters statistics.