Asian Shares Rise on Optimism

Asian shares reached their highest levels in five months on Monday, with investors optimistic about the earnings reports from US companies, as it is expected to exceed expectations despite Covid-19 and lockdowns.

The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.15%, after rising sharply last week due to the rise in Chinese stocks and gained another 1% on Monday.

Japan’s Nikkei rose 1.7%, and South Korea’s rose 1.2%, E-Mini futures for the S&P 500 rose 0.5%

While Bank shares rose sharply on Friday, but they were not performing as well as technology stocks, with analysts at Bank of America indicating that technology stocks performance in last six months has not seen since 1999 tech bubble and the 2008 global crisis.

As for the dollar, the dollar index fell to 96.585 on Monday, close to low recorded in June at 95.714. As for oil, it declined in early trading despite a sharp rise on Friday after the International Energy Agency (IEA) raised its forecast for oil demand in 2020.