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.

Asian shares

“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%.

Currency

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.

Commodities

  • 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.

Source

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