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)