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Asian Stocks Gain Despite Weaker Wall St. Lead, USD Steady

Asian Stocks Gain Despite Weaker Wall St. Lead, USD Steady

David Cottle, Analyst


Talking Points:

  • Asian indexes were mostly higher as Tuesday wound down
  • The ASX was an exception, although it didn’t fall by much
  • The Yen was hit early by comments from BoJ Governor Kuroda

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Asian stocks were broadly higher Tuesday despite a weaker Wall Street lead.

Many bourses were returning from holiday breaks and playing catch-up with gains made while they had been out. The Nikkei 225 added 0.6%, with South Korea’s Kospi up 1.6% and most other indexes in the green. Australia’s ASX couldn’t hold on, however and ticked lower into the day’s close.

The US Dollar was steady through the session, having failed to hold early gains against the Japanese Yen which came in turn as Bank of Japan Governor Kuroda recommitted himself and his colleagues to ultra-loose monetary policy. Japan’s official “economy watchers” survey came in a little better than expected. The Euro made some gains on strong German economic data and after European Central Bank executive Sabine Lautenschlager called for a stimulus rollback on Monday.

Gold prices hovered near one-week highs as investors continue to eye North Korea with trepidation, but crude oil prices were torpid- reportedly thanks to hope that the market is at last rebalancing away from recent year’s chronic oversupply.

There’s a British flavour to the rest of the European session’s scheduled economic news with UK industrial production and trade figures coming up. Then it’s across the Atlantic for Canadian housing start and building permit data. Minneapolis Federal Reserve President Neel Kashkari is due to speak

--- 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.