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Asian Stocks Mixed As Jackson Hole Disappoints, Yuan Gains

Asian Stocks Mixed As Jackson Hole Disappoints, Yuan Gains

David Cottle, Analyst

Talking Points:

  • Asian stocks were mixed, with the Nikkei 225 little changed
  • Shanghai stocks did better with the 3,300 level still holding
  • The Euro and the Yuan rose at the US Dollar’s expense

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Asian stock markets were mixed Monday following a disappointing central bank-conclave at Jackson Hole over the weekend at which no new monetary policy insights were forthcoming.

The world’s monetary masters opted instead to focus on their own post-crisis management and to beat the drum for free trade with varying degrees of volume.

This lack of clear cues left Asia once again to its own devices as trade started for a new week. Investors kept one eye on the Euro. It rose to 2.5-year highs against the Dollar after European Central Bank President Mario Draghi declined to talk it down during his moment under the lights in Wyoming. Investors were also watching the gloomy progress of Hurricane Harvey across the US Gulf Coast. This drove up gasoline prices, but crude oil prices fell, reportedly as investors worried that refinery outages would hit demand.

All up the Nikkei 225 closed barely changed, off 0.01% on the day. Australia’s ASX 200 was down 0.6%- bank shares weighed there as investors feared increased regulation. Chinese shares stood out with the Shanghai composite gaining 0.6% and remaining above the psychologically key 3,300 level for a second straight session. China’s Yuan rose to its highest against the US Dollar in more than a year as the People’s Bank of China guided it up in the face of broad greenback weakness.

The US Dollar slipped back a little against its other major traded rivals.

Meanwhile gold prices rose as investors digested Janet Yellen’s words and saw no reason to fear the sort of multiple interest rate hikes which might weaken the non-yielding haven asset.

The rest of the global session is light on scheduled economic news with only official US trade balance numbers likely to draw much of a crowd.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter: @DavidCottleFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.