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Asian shares near all-time peak, oil heads to $60 on economic revival hopes

Asian shares hovered near record highs on Monday while oil edged closer to $60 a barrel on hopes a $1.9 trillion COVID-19 aid package will be passed by U.S. lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.2% at 717.2, not far from last week’s record high of 730.6.

Japan’s Nikkei climbed 0.3% while Australian shares advanced 0.5% led by technology and mining shares.

E-mini futures for the S&P 500 rose 0.3% in early Asian trading.

Hopes of a quicker economic revival and supply curbs by producer group OPEC and its allies pushed oil to its highest level in a year as it edged near $60 a barrel.

Global equity markets have scaled record highs in recent days on hopes of faster economic revival led by successful vaccine rollouts and expectations of a large U.S. pandemic relief package.

Reference: CNBC, Reuters