Asian Stocks Trade Mixed Amid Stronger Yen and Oil Rebound
The stocks on the Asian bourses stalled the rebound and now pare gains
as the Japanese stocks turned negative, weighed heavily by the ongoing
rise in the yen.
While the Chinese indices also extend to the
downside, after a shaky start, as the dovish FOMC minutes released last
US session failed to lift the sentiment. However, the oil price rebound
on the back of falling stockpiles, managed to provide some support to
the region’s indices.
The minutes of the Fed March meeting
revealed that the officials were divided over April rate hike and
reiterated their cautious stance for future rate rises in light of the
global headwinds impeding the US economic growth.
Nikkei back in the red on yen
The Japanese benchmark index, the Nikkei 225 reversed
early gains and now drops -0.25% to 15,675 points. Meanwhile, USD/JPY
drops -0.49% to 109.25 levels. While the Australian markets also
followed suit and drifted lower, with the benchmark S&P/ASX 200
index paring gains to now trade +0.40% higher at 4,966.
The
Chinese equities extend the downward spiral, with the benchmark Shanghai
Composite index trading down -0.43%. The CSI300 index drops -0.54%,
while Hong Kong’s Hang Seng trades largely muted around 20,200 levels.
(Market News Provided by FXstreet)
