Chinese shares led a rally in most of Asia on Monday amid a positive global economic outlook, while Japanese shares fell as the yen remained at levels prompting concerns about currency intervention, Reuters reported.
US stock futures rose after a market holiday on Friday, with expectations of a June interest rate cut following easing inflation pressures reported by the Federal Reserve.
Gold hit a record high on expectations of easier US monetary policy, while oil prices remained strong due to improved Chinese economy and anticipated OPEC+ output cuts.
Mainland Chinese blue chips surged 1.39 per cent following positive manufacturing data, while Singapore’s Straits Times Index and South Korea’s Kospi also saw gains 0.35 per cent and 0.08 per cent, respectively.
Japan’s Nikkei dropped 1.4 per cent on concerns about potential yen intervention and negative corporate sentiment.
US S&P 500 and Nasdaq futures were up 0.54 per cent, with markets closed in several countries for Easter holidays.
Analysts suggest markets may see further gains but caution against expecting a straight upward trajectory.
