Asian stocks fluctuated amid a lack of fresh impetus after an apparent easing of trade tensions between the U.S. and China triggered a buoyant session Tuesday for global equities and a renewed vigor in favor of risk appetite.
With little in the way of new catalysts, indexes across the region struggled for direction. Shares in China and Hong Kong had the biggest gains as People’s Bank of China Governor Yi Gang offered more details on pledges to open the economy, which may
“The market is very, very fickle,” said Stephen Innes, head of trading for Asia Pacific at Oanda Corp. in Singapore. There are “so many potential risk aversion embers waiting to ignite, it’s scary: Mueller, Syria, Iran for starters, but we still have no idea how this Kim-Trump affair will play out. It’s incredibly tough to hold a view in this market, and I think this is why we see constant gyrations on risk dynamics on a daily basis.”
Investor focus has returned to the U.S. economy and the outlook for consumer prices. Later this
On the geopolitical front, attention remains on Syria. Heavy flights of coalition aircraft were witnessed near the border with Iraq, according to al Jazeera. Meanwhile, U.S. President Donald Trump intensified preparations for a U.S. response to a suspected chemical weapons attack in the country, canceling a planned trip this weekend to South America.
On the economy front, China’s factory inflation slowed for a fifth month while the consumer price index retreated from a four-year high.
Elsewhere, Facebook Inc. shares rose as chief Mark Zuckerberg testified on Capitol Hill.
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Here’s what is coming up this week:
- U.S. CPI data and FOMC minutes due Wednesday.
- JPMorgan Chase & Co. and Citigroup Inc. report first-quarter earnings Friday.
These are the main moves in markets:
- Japan’s Topix index dropped 0.2 percent as of 11:45 a.m. in Tokyo.
- Australia’s S&P/ASX 200 Index fell 0.3 percent.
- Kospi index was little changed.
- Hong Kong’s Hang Seng Index added 0.5 percent. The Shanghai Composite Index was up 0.7 percent.
- Futures on the S&P 500 Index slid 0.5 percent. The S&P 500 rose 1.7 percent.
- The Bloomberg Dollar Spot Index was virtually unchanged near the lowest in two weeks.
- The Japanese yen rose 0.1 percent to 107.12 per dollar.
- The euro was little changed at $1.2359.
- The yield on 10-year Treasuries was steady at 2.80 percent.
- Australia’s 10-year bond yield fell about two basis points to 2.69 percent.
- Gold was steady at $1,340.27 an ounce.
- West Texas Intermediate crude edged 0.2 percent lower to $65.39 a barrel after rallying 3.3 percent.
— With assistance by Brian Chappatta, and En Han Choong