Asian markets step back from record highs made on Biden’s stimulus proposal

Asian markets step back from record highs made on Biden’s stimulus proposal

MSCI's broadest index of Asia Pacific stocks outside of Japan extended losses in afternoon trading to be last off 0.6% at 720.17 points following three straight sessions of gains.The index is up a stellar 8.8% in January so far, after hitting an all-time high of 727.31 on Thursday.Analysts expect Friday's losses to be short-lived as they predict a strong upswing in global growth supported by record low interest rates the world over."2021 begins with expectations of reopening in second-half, as the key macro theme and consensus forecasts project a V-shaped recovery in global growth and corporate earnings," Paul O'Connor who heads the UK-based multi-asset team at Janus Henderson."Although many countries and sectors will bear the scars of the COVID-19 shock for years to come, 2021 is expected to see some decisive steps down the road to recovery as restrictions on economic activity ease as the year progresses, unlocking pent-up consumer spending," O'Connor added.The MSCI Asia ex-Japan index has jumped 3.7% so far this week, reflecting relief over an orderly transition of power in the United States and strong expectations that U.S. stimulus will provide continued support for global assets.Republicans in the U.S. Congress have indicated they are willing to work