Asian Shares Hit Four-Month High

Asian stocks rose to a four-month high on Friday in reaction to the report of strong payroll report (NFP) and growth in Chinese service activity, but the rise of Covid 19 cases in US has put limits on more risk appetite. China’s service sector activity expanded at its fastest pace in more than a decade in June. PMI showed that easing Corona’s measures revised consumer demand.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%, the highest level since February, while the Japan Nikkei rose 0.4% while the Shanghai Composite Index reached the highest level since April 2019.

S&P 500 futures were down 0.1% with lower volumes of trades than usual due to the US markets’ holiday (Independence Day).

Separately, the trade war between the United States and China continues. The US State Department warned top American companies over risks faced from maintaining supply chains from China.