Ways2Capital Reviews : Asian Stocks Try To Recover Even As Yuan Slides; Crude Gains

Stocks in Asia made an attempt at extending a recovery in American equities overnight, though ran into the headwind of another slump in the yuan, which has sparked fears of contagion to emerging markets.

Share indexes in Tokyo and Seoul came off their morning highs as yuan trading began, with China’s currency tumbling past 6.7 per dollar, a level that some had thought would trigger intervention from authorities.

Hong Kong’s stocks tumbled in a catch-up after the city was off on holiday Monday. Treasuries were steady, alongside gold and the yen.

With US trading desks thinly staffed ahead of the July 4 holiday, volume in American stocks was about 20% below average. An expansion in US manufacturing gave some comfort to concern borne out of reports in Japan, China and South Korea over the past few days about a weakening in global economic growth. The Trump administration’s planned imposition of tariffs against China will start on Friday.

Elsewhere, crude rose after declines Monday triggered by US President Donald Trump putting pressure on Saudi Arabia to ramp up oil output.
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About Bhoomi Desai