Most Asian Equities Track Stronger Wall St Higher, Shanghai Lags
- Most Asia-Pacific stock markets made Friday gains
- News of the first subpoena issued to Donald Trump’s election campaign knocked risk appetite
- Currency markets were subdued by a lack of local data
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Asian stocks were mostly higher Friday following gains in Europe and the US in the session before.
US tax reform remained very much in focus. House Republicans passed a bill Thursday to cut what both businesses and individuals pay, the biggest step yet in plans to reform the system. However a similar bill must still pass the Senate, which may prove trickier given the electoral math. The Nikkei was hit earlier by a report saying that Donald Trump’s election team had received a subpoena requesting documents from the special investigative team looking in to possible collusion with Russia. However the index seemed to have bounced back from this into the close.
The Japanese index ended up 0.2% with stocks also higher in Sydney, Hong Kong and Seoul. The Shanghai Composite again bucked the trend and looks set to end lower on the day.
There wasn’t a lot of action in the Asia-Pacific foreign exchange space as a lack of data weighed. The Yen got a modest boost as that US subpoena story hit risk appetite, and the US Dollar was generally a little weaker through the session.
The rest of Friday’s session promises Canadian Consumer Price Index data and news of US housing-start and building-permit levels for October. European Central Bank President Mario Draghi will speak in Frankfurt.
--- 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.