Asian stocks slipped, taking their cue from a weaker US equities session, as a rising yen weighed on shares in Tokyo. Gold extended gains while oil held onto Monday’s losses.
Most Asian stocks declined amid profit-taking by investors as they approached the end of the best quarter for global equities since 2013. Oil neared $50/bbl while Treasuries and gold slipped.
Most Asian stocks gained for a second straight day as a rise in consumer confidence in the US to a 16 year high rekindled optimism in the strength of its economy. The US dollar resumed its rebound off 4-month lows, while gold retreated further below a key resistance level.
The selloff in riskier assets eased after US stocks staged a recovery, with most Asian equity markets resuming their upward trajectories as the dollar put the brakes on losses and gold retreated from a key resistance level.
The dollar and US index futures extended Friday’s declines, while gold climbed with bonds as investors shunned risk assets amid increased scepticism of US President Donald Trump’s ability to implement his economic agenda last week’s failed US health-care deal. Most Asian equities fell.
The US dollar looks set to snap its longest-losing streak in 6 years against the yen and Treasury yields rose on bets that House Republican leaders will muster enough votes later today to pass their health-care bill. Most Asian equities gained, recovering some of this week’s slide amid renewed risk-on sentiment among investors.