Asian equities started strong on Thursday as a sustained recovery in China's services sector and the prospect of additional U.S. stimulus whetted risk appetite, while the dollar pared gains.
MSCI's broadest index of Asia-Pacific shares outside of Japan climbed 0.5%, clocking its third straight session of gains to hover near a recent 2-1/2-year high.
The services sector, which accounts for about 60% of the economy and half of urban jobs, had been slower to return to growth initially than large manufacturers, but the recovery has gathered pace in recent months as COVID-19 restrictions on public gatherings lifted.
Analysts expect the equity markets rally to extend further as investors focus on the "easy money" dimension, though risks were growing.
"I think we're now at a point where tactically it makes sense to be more prudent than two or three months ago as there are still a number of significant risks for investors to contend with," said Scott Berg, portfolio manager of T. Rowe Price's global growth equity strategy.
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