Ways2Capital Reviews : Asian Stocks Mixed Amid Wariness Over US-China Trade Tensions; Dollar Steady

Asian stocks traded mixed on Thursday as concern simmers about an escalation of trade tensions between the US and China. Treasury yields and the dollar were steady.

Benchmarks in Japan fluctuated, while South Korean shares edged lower and Hong Kong’s rose. Australian stocks extended an eight-year high as banks drove advances and US stock futures climbed. Indonesia’s rupiah dropped more than 1% as trading resumed after holidays, as local markets played catch up to recent losses in emerging markets. Oil held near $66 a barrel ahead of a crucial OPEC meeting that will decide on output.

Financial markets are looking more placid after a tumultuous start to the week triggered by a ratcheting up of trade tensions by US President Donald Trump, though concerns about fresh volatility from any further developments linger.

Federal Reserve chair Jerome Powell reiterated a gradual approach to US monetary policy normalization at a meeting of global central bankers in Portugal.

Elsewhere, the S&P 500 Index closed higher breaking a three-day losing streak and the Nasdaq Composite Index advanced to an all-time high, buoyed by a rally in Facebook Inc. The pound was stable after UK Prime Minister Theresa May won a key vote on Brexit. Exchange-traded funds tracking equities in Argentina and Saudi Arabia climbed after MSCI Inc. upgraded the nations to emerging-market status.

Source: Bloomberg
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About Bhoomi Desai