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.
- 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.
- 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.
- 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.