Asian shares pushed to three-month highs on Monday as progress on opening up economies helped offset jitters over riots in U.S. cities and unease over Washington's power struggle with Beijing.
An official business survey from China showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened.That helped lift MSCI's broadest index of Asia-Pacific shares outside Japan 2.1% to its highest since early March. Japan's NikkeiE-Mini futures for the S&P 500 recovered to be flat, having been down 1% in early trade. EUROSTOXX 50 futures firmed 1.4% and FTSE futures 1.1%.
The May jobs report due out on Friday is forecast to show the unemployment rate surged to 19.8%, smashing April’s record 14.7%. Payrolls are expected to drop by 7.4 million, on top of the 20.5 million jobs lost the previous month.“Current unemployment numbers go far beyond what has been experienced in any post-war recession,” wrote Barclays economist Christian Keller in a note.
Yields on U.S. 10-year notes were trading steady at 0.66% having recovered from a blip up to 0.74% last month when the market absorbed a tidal wave of new issuance.
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