Asian Stocks Attempt Recovery Amid Improving Risk Conditions
The persisting risk-off sentiment is seen easing towards the mid-Asian
trades, allowing a solid recovery in the Asian equity markets as yen
weakened across the board, boosting the energy stocks in the region’s
Moreover, higher resource and mining stocks also aided the recovery in the Asian equities after gold, copper and iron-ore prices rallied in the overnight trades. However, the recovery lacks momentum as the negative close on the Wall Street continues to weigh on the investors’ mind amid mixed corporate news across the Asia-pac economies.
Nikkei wipes-out losses as yen hits daily lows
Meanwhile, the Japanese benchmark index, the Nikkei 225 trades modestly flat at 61,575 points, as the USD/JPY pair rallied to daily tops above 108.60 levels as risk environment seems improving. Australia’s ASX 200 index now trades -0.51% to 5,345 points, despite sharp depreciation in the AUD/USD pair.
While the Chinese equities trade largely mixed in a narrow range, with the benchmark Shanghai Composite index drops -0.30% to 2,828, the CSI300 index trades +0.09%, while Kong’s Hang Seng declines -0.69%.