Ways2Capital Reviews : Asian Stocks Gain, Yuan Rises, Dollar Slips Amid Ongoing Trade War

Asian stocks gained, building on a positive Friday session for global equities, as investors set aside concerns about escalating trade tensions to prepare for the latest earnings season after signs of continued economic strength.

China’s currency rose against the dollar one week after Chinese officials emphasized that they wouldn’t use the yuan as a trade-policy weapon. The dollar slipped to a three-week low, helping reduce pressure on emerging markets. Equity benchmarks in Japan, Hong Kong and Shanghai climbed, while Australian and Korean ones lagged behind. Ten-year Treasury yields ticked higher. The pound pared gains after the UK cabinet member in charge of Brexit discussions resigned from Prime Minister Theresa May’s government.

The start of earnings season this week may divert some attention away from the trade war that’s kept global stocks under pressure. Friday’s US jobs report showed another month of gains in excess of 200,000, spurring more Americans to re- enter the workforce. Also Friday, German industrial production beat all estimates for May.

Those signs of strength contrast with trade tensions, with China retaliating against US tariff increases and US President Donald Trump threatening to impose levies on even more Chinese goods.

The pound pared early gains after news that David Davis quit as Brexit secretary, with at least two senior officials joining him in the move.

Elsewhere, investors will assess the impact of the flooding and landslides that killed at least 66 people in Japan, knocking out electricity and forcing many companies, including Amazon, Mazda and Panasonic, to halt some operations.
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About Bhoomi Desai