Asian shares soared overnight on Monday, lending a positive start to the European session as equities rode a broad risk rally. The very strong US nonfarm payrolls number continues to mask a lot of ills and investors are happy to hang their hopes on more stimulus. Hong Kong rose 4 per cent, Tokyo 2 per cent, while shares on mainland China were up around 5 per cent on, among other things, some bullish commentary in state press. Shanghai shares jumped 5.7 per cent, the best one-day gain in five years. It looks like local investors are chasing the market and the spill-over has lifted the boats across Asia. China’s rally sparked a broad risk-on move. Escalation of US-China tensions don’t seem to be a major worry.
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