Asian shares near 3-week highs on Chinese support measures

Asian shares reversed losses on Monday and moved back toward a three-week top as China’s persistent efforts to cushion the blow from a coronavirus outbreak calmed nervous investors, although Japanese stocks faltered on growing recession risks.

Asian Shares

  • The benchmark Shanghai Composite index rallied 66.61 points, or 2.28 percent.
  • Japanese stocks hit a 1-1/2-week low after the release of weak GDP and industrial production data.
  • The Nikkei average dropped 164.35 points, or 0.69 percent, to 23,523.24, its lowest closing since Feb. 5.
  • The benchmark S&P/ASX 200 ended down 5.10 points at 7,125.10, snapping four consecutive sessions of gains.

Currencies

  • The dollar a touch firmer against the yen at 109.84. It was unchanged on the pound at $1.3043 and slightly weaker on the euro at $1.0837.
  • The risk-sensitive Aussie, which is also played as a liquid proxy for Chinese assets, ticked up 0.2% to $0.6729.
  • That left the dollar index flat at 99.141.

Commodities

  • In commodities, gold inched lower to $1,581.50 an ounce.
  • Oil futures were mixed with Brent crude flat at $57.32.
  • Barrel and U.S. crude adding 9 cents to $52.14.

Source: investing.com

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