Cloudy Selimuti White House, USD Weaken
Asian stocks mostly rose on Tuesday, buoyed by bleak industrial output data from China, while US currency fell as the investigators investigated Russian intervention in the 2016 US presidential election and charged former campaign manager President Donald Trump. The largest MSCI Index Asia Pacific outside Japan gained 0.4 percent. Strong gains in South Korea and Taiwan, which account for a quarter of the index's weight, helped offset weakness in China and Hong Kong. The Kospi ended 1 percent at record highs after Seoul and Beijing agreed to normalize relationships that have been stressed by the deadlock for a year during the implementation of the South Korean-US anti-missile system.
"The stock market that has long been distressed by the ongoing political strife between the two countries reacted positively to the announcement, including Hyundai Motor-related shares," said Cho Byung-hyun, a stock analyst at Taiwan's Yuanta Securities.Tech added " 4 percent after Apple made huge gains overnight. But China's equities were shaky after data showed a sharper-than-expected drop in October industrial growth. Beijing's attack on winter air pollution forced many of the northern steel mills, smelters and factories to reduce production, adding to the uncertainty amid early signs of a slowdown in the world's second largest economy. ChinaCSI300's blue-chip index fell 0.2 percent and Hong Kong's Hang Seng fell 0.1 percent. Japan's Nikkei closed flat, capped by weaker US stocks and strengthening yen.
Wall Street retreated from record highs on Monday, weighed down by a drop in drugmaker Merck and a report that US lawmakers are discussing a phased phase - in corporate tax cuts rather than alleviating them all at once. "The corporate tax cuts gradual report takes place when equities are hung high , making it a catalyst for the market to adjust, "said Masahiro Ichikawa, a senior strategist at Sumitomo Mitsui Asset Management in Tokyo." The hope is that corporate taxes are simply cut. But although the pieces are implemented gradually, still this is a reduction and it will not be bad news in the long run. "
In the market, the USD hovered near a 10-day low versus the Japanese currency at 113.02 in the afternoon. The greenback lost about 0.4 percent against the yen overnight as investors cautioned after former campaign manager Trump Paul Manafort and other aide Rick Gates were charged with money laundering on Monday by a federal investigator. "It weighed on the USD / JPY a little. I think there is a bit of uncertainty, "said Stephen Innes, head of trade in Asia Pacific for Oanda in Singapore, adding that the JPY is pulling some support because risk sentiment seems a bit shaky.JPY showed little reaction to the Bank of Japan (BOJ) decision to stick to policy monetary policy even though it slightly reduced the inflation forecast for the current fiscal year, a result that has been widely forecast. US currency is also pressured as Treasury yields slip on reports that Trump may appoint Federal Reserve Governor Jerome Powell, who is seen more dovish than any other rival, as Federal chairman The US Treasury bond declined to a one-week low after Bloomberg quoted Finance Minister Steven Mnuchin as saying the government did not see much demand for ultra-long bonds.
The USD index against a basket of six major currencies rose at 94.547 after slipping overnight from a three-month high of 95,150. The single currency of the euro zone EUR was little changed at USD 1.1637. EUR has been pulled back overnight from a three-month low of USD 1.1574 on Friday. European markets got a lift on Monday after a poll showed reduced support for independence that calmed investor concerns about the Catalan split from Spain. Crude prices rising below the recent peak after being boosted by expectations of a decline in OPEC production will continue beyond March. Brent crude futures declined 0.2 percent at USD 60.78 a barrel after rising to USD 61 overnight, the highest since July 2015. Oil The US was 0.1 percent lower at USD 54.09 after touching USD 54.46, the highest since late February.
"The stock market that has long been distressed by the ongoing political strife between the two countries reacted positively to the announcement, including Hyundai Motor-related shares," said Cho Byung-hyun, a stock analyst at Taiwan's Yuanta Securities.Tech added " 4 percent after Apple made huge gains overnight. But China's equities were shaky after data showed a sharper-than-expected drop in October industrial growth. Beijing's attack on winter air pollution forced many of the northern steel mills, smelters and factories to reduce production, adding to the uncertainty amid early signs of a slowdown in the world's second largest economy. ChinaCSI300's blue-chip index fell 0.2 percent and Hong Kong's Hang Seng fell 0.1 percent. Japan's Nikkei closed flat, capped by weaker US stocks and strengthening yen.
Wall Street retreated from record highs on Monday, weighed down by a drop in drugmaker Merck and a report that US lawmakers are discussing a phased phase - in corporate tax cuts rather than alleviating them all at once. "The corporate tax cuts gradual report takes place when equities are hung high , making it a catalyst for the market to adjust, "said Masahiro Ichikawa, a senior strategist at Sumitomo Mitsui Asset Management in Tokyo." The hope is that corporate taxes are simply cut. But although the pieces are implemented gradually, still this is a reduction and it will not be bad news in the long run. "
In the market, the USD hovered near a 10-day low versus the Japanese currency at 113.02 in the afternoon. The greenback lost about 0.4 percent against the yen overnight as investors cautioned after former campaign manager Trump Paul Manafort and other aide Rick Gates were charged with money laundering on Monday by a federal investigator. "It weighed on the USD / JPY a little. I think there is a bit of uncertainty, "said Stephen Innes, head of trade in Asia Pacific for Oanda in Singapore, adding that the JPY is pulling some support because risk sentiment seems a bit shaky.JPY showed little reaction to the Bank of Japan (BOJ) decision to stick to policy monetary policy even though it slightly reduced the inflation forecast for the current fiscal year, a result that has been widely forecast. US currency is also pressured as Treasury yields slip on reports that Trump may appoint Federal Reserve Governor Jerome Powell, who is seen more dovish than any other rival, as Federal chairman The US Treasury bond declined to a one-week low after Bloomberg quoted Finance Minister Steven Mnuchin as saying the government did not see much demand for ultra-long bonds.
The USD index against a basket of six major currencies rose at 94.547 after slipping overnight from a three-month high of 95,150. The single currency of the euro zone EUR was little changed at USD 1.1637. EUR has been pulled back overnight from a three-month low of USD 1.1574 on Friday. European markets got a lift on Monday after a poll showed reduced support for independence that calmed investor concerns about the Catalan split from Spain. Crude prices rising below the recent peak after being boosted by expectations of a decline in OPEC production will continue beyond March. Brent crude futures declined 0.2 percent at USD 60.78 a barrel after rising to USD 61 overnight, the highest since July 2015. Oil The US was 0.1 percent lower at USD 54.09 after touching USD 54.46, the highest since late February.
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