Asian shares struggle for footing after tough week
Asian shares were trying to end a bleak week in the black on Friday as upbeat U.S. economic news and solid company earnings offered a respite from the interminable Sino-U.S. trade saga.
“Chinese stocks are mounting a rebound as they had been oversold in recent sessions. Sentiment is also better as President Trump seems to be desiring a compromise,” said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.
- MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%.
- Japan’s Nikkei bounced 0.7%.
- E-Mini futures for the S&P 500 were steady.
- The main Australian index added 0.5%.
- The S&P 500 added 0.89% and the Nasdaq 0.97%.
A slim majority of economists polled by Reuters expects the central bank to keep rates at a record low although calls for a rate cut have grown louder after disappointingly weak first-quarter inflation.
- The dollar regained a little lost ground on the safe-haven yen to stand at 109.85.
- The pound touched a three-month low of $1.2785.
- The rise in yields underpinned the U.S. dollar, which hit a two-week high against a basket of currencies at 96.882.
- Spot gold dropped off to $1,286.37 per ounce as risk sentiment improved.
- U.S. crude was last up 31 cents at $63.18 a barrel.
- Brent crude futures rose 13 cents to $72.75.