Asia shares look to China for recovery lead, earnings in focus

Asia shares look to China for recovery lead, earnings in focus

U.S. stocks also looked a little steadier as futures for the S&P 500 added 0.4% and NASDAQ futures 0.3%.Analysts at JPMorgan felt the coming earnings season could brighten the mood given the consensus in Europe was for a fall of 25% year-on-year, setting a very low bar."The projected EPS growth in Europe now stands at the lows of the crisis which seems too conservative, and could likely lead to positive surprises over the reporting season," they wrote in a note.The same could be true for the United States where results this week include BofA, Morgan Stanley, Goldman Sachs and Netflix.For now, dealers were cautious ahead of U.S. President-elect Joe Biden's inauguration given the risk of more mob violence, along with doubts about how much of his fiscal stimulus package will pass Republican opposition in Congress.Janet Yellen, Biden's nominee to run the Treasury Department, will tell the Senate Finance Committee on Tuesday that the government must "act big" with the coronavirus relief plan. "Biden will not want the risk of a double-dip recession to escalate," said analysts at ANZ in a note.The full $1.9 trillion proposal combined with stimulus already agreed would amount to 10% of GDP."That would be sufficient to close