Note : Bulls season is coming.
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"The fact that investors had shrugged off the gloomy jobs data on Friday is
indicative that the focus has now shifted to a global recovery,"
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HONG KONG (Reuters) – Asian shares climbed to a six-month high on Monday, as
hopes that the global economic downturn is nearing its bottom spur demand for
riskier assets while hitting the yen and safe-haven government bonds.
Economic recovery hopes lifted oil prices by almost $1 per barrel, while
Japanese bonds fell, sending the benchmark 10-year yields to a 4- month high
and the yen slid toward six-month lows against the dollar and the euro.
Riskier and higher-yielding currencies such as the Australian and New Zealand
dollars rose, reflecting improved risk appetite.
North Korea's launch of a rocket on Sunday had little market impact, given that
the action had been expected and is seen having limited economic implications.
Instead, investors saw a silver lining in recent bleak data. Key U.S. jobs
report on Friday showed unemployment soared to 8.5 percent last month, or a
25-year high, but markets found comfort in the fact that the numbers came in
just as expected.
In Europe, the euro zone's dominant service sector contracted sharply again in
March, but not as rapidly as in February, a private survey showed on Friday.
"The fact that investors had shrugged off the gloomy jobs data on Friday is
indicative that the focus has now shifted to a global recovery," said David
Moore, a commodities strategist at the Commonwealth Bank of Australia.
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