Asian Shares Positive, Oil Slips
Asian shares edged higher on Monday amid economic optimism. Hopes of COVID vaccine calls for faster economic recovery. Stocks in China are on their move to recovery early-March equity rout whereas those from Hong Kong, South Korea and Indonesia are also on the positive side. The US dollar is rising across the board, including against precious metals such as gold.
Oil prices eased as markets assumed the re-floating of the Ever Given would allow tankers to use the waterway again. Around 450 vessels have been accumulating on both sides of the critical waterway where roughly 12% of global trade passes and after six days of blockage. Some ships had already taken the long route around the Cape of Good Hope.
Considering the lack of major data/events, equities are likely to cheer faster vaccinations and hopes of stimulus unless the US-China tussles escalate.
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