SYDNEY: Asian shares advanced to record highs on Monday and oil rose to a more than one year peak as successful coronavirus vaccine rollouts globally raise hopes of a rapid economic recovery amid new fiscal aid from Washington.
MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4% to 736.4.
Japan’s Nikkei climbed 1.3%, despite data showing the country’s recovery from its worst postwar recession slowed in the fourth quarter.
Australia’s benchmark index was up 1%.
E-mini futures for the S&P 500 were up 0.2% in early Asian trading. U.S. stock markets will be closed on Monday for the Presidents Day holiday.
The highlight of the week will probably be minutes of the U.S. Federal Reserve’s January meeting, where policymakers decided to leave rates unchanged.
Data on inflation is due from the UK, Canada, and Japan while Friday will see major economies including the United States release the preliminary February purchasing managers’ indices (PMI).
While economists…