Asian stocks ticked up on Tuesday
Asian stocks ticked up on Tuesday staying near a nine-month as hopes of stabilization in the Chinese economy helped investors shrug off Wall Street’s underperformance that followed disappointing bank earnings.
“Recent Chinese data is boosting confidence in the Chinese economy while earnings have not been bad either,” said Yukino Yamada, senior strategist at Daiwa Securities.
- MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent.
- Mainland Chinese shares rose 1.7 percent.
- Japan’s Nikkei edged up 0.2 percent.
- The Australian dollar, which is often used as a proxy for China plays, was a tad softer at $0.7173.
- The euro stood flat at $1.13045 and the dollar shed 0.1 percent to 111.94 yen.
- The dollar, which tends to underperform when risk appetite increases, was steady at 96.980 against a basket of six major currencies.
- The Australian dollar fell 0.4 percent to $0.7146.
- U.S. West Texas Intermediate crude futures were down 0.15 percent at $63.30 per barrel after losing nearly 0.8 percent the previous day.
- U.S. crude had scaled a five-month high of $64.79 earlier this month.
- Spot gold was a shade lower at $1,286.21 an ounce and headed for its fourth straight days of losses.
- The 10-year U.S. Treasury yield was at 2.548 percent, edging back from a four-week high of 2.574 percent reached on Monday.