* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Asia ex-Japan stocks highest since Feb, led by China
* Some U.S. states delay reopenings as pandemic rages
* Major currencies range-bound, gold near highs
By Wayne Cole
SYDNEY, July 6 (Reuters) - Asian shares held near four-month
highs on Monday as investors counted on super-cheap liquidity
and fiscal stimulus to sustain the global economic recovery even
as surging coronavirus cases delayed reopenings across the
United States.
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS inched up 0.05%, having hit its highest since
February.
Eyes were on Chinese blue chips .CSI300 , which surged
almost 7% last week to their loftiest level in five years.
Japan's Nikkei .N225 , however, has lagged with its domestic
economy and was last up 0.4%.
E-Mini futures for the S&P 500 ESc1 firmed 0.3%.
Most markets had gained ground last week as a raft of
economic data from June beat expectations, though the resurgence
of coronavirus cases in the United States is clouding the
future.
In the first four days of July alone, 15 states have
reported record increases in new cases of COVID-19, which has
infected nearly 3 million Americans and killed about 130,000,
according to a Reuters tally. "It is very clear that the U.S. never got the COVID outbreak
under control the way that other countries did. By reopening the
economy too soon, we have seen a frightening increase in the
pace of new cases," said Robert Rennie, head of financial market
strategy at Westpac.
Analysts estimate that reopenings impacting 40% of the U.S.
population have now been wound back.
"So markets will have to climb a wall of worry in July as
economic activity likely softens from the V-shaped recovery seen
over recent months," warned Rennie. "We must remember too that
U.S. and China relations are deteriorating noticeably."
Two U.S. aircraft carriers conducted exercises in the
disputed South China Sea on Saturday, the U.S. navy said, as
China also carried out military drills that have been criticised
by the Pentagon and neighbouring states. The risks, combined with unceasing stimulus from central
banks, have kept sovereign bonds supported in the face of better
economic data, with U.S. 10-year yields US10YT=RR holding at
0.67% and well off the June top of 0.959%.
Analysts at Citi estimate global central banks are likely to
buy $6 trillion of financial assets over the next 12 months,
more than twice the previous peak.
Major currencies have been largely range bound with the
dollar index at 97.189 =USD having spent an entire month in a
snug band of 95.714 to 97.808.
The dollar was hardly changed at 107.59 yen JPY= on
Monday, while the euro idled at $1.1260 EUR= .
In commodity markets, gold has been benefiting from
super-low interest rates across the globe as negative real
yields for many bonds make the non-interest paying metal more
attractive.
Spot gold traded at $1,776 per ounce XAU= just off last
week's peak of $1,788.96. GOL/
Oil prices were mixed in early trade with Brent crude
LCOc1 futures up 15 cents at $42.95 a barrel, while U.S. crude
CLc1 eased 25 cents to $40.40. O/R
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Asia stock markets https://tmsnrt.rs/2zpUAr4
Asia-Pacific valuations https://tmsnrt.rs/2Dr2BQA
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Editing by Sam Holmes)