BANGKOK – Shares were mostly higher Monday in Asia despite reports that the number of coronavirus cases in the U.S.
and worldwide has surged sharply. Tokyo, Sydney and Shanghai logged modest gains and Hong Kong slipped. Australian shares got a boost from reports that consumer spending has rebounded more quickly than expected, analysts said.“However, that partly reflects pent-up demand and the strong support from government initiatives.
Employment income has slumped and we only expect spending to return to pre-virus levels next year,” Marcel Thieliant of Capital Economics said in a report.
Robust availability of funding thanks to massive government and central bank stimulus appears to be offsetting jitters over the pandemic, analysts said..