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Asian Stocks Mixed, Narrow With China/US Trade Talks In Focus

Asian Stocks Mixed, Narrow With China/US Trade Talks In Focus

2018-05-18 05:12:00
David Cottle, Analyst
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ASIAN STOCKS TALKING POINTS:

  • Most Asian stocks were broadly higher, if not by very much
  • Investors have reduced expectations of trade talks between China and the US
  • The US Dollar remains in the ascendant, weak inflation weighed on the Japanese Yen

What’s the #1 mistake that all traders make?

Asian stocks were mixed on Friday afternoon as investors fretted about progress in US/China trade talks. President Donald Trump doubted on Thursday that the high-level contacts would be successful, claiming that US trade partners had become very spoiled.

He spoke on the day a second round of negotiations began in Washington.

The Nikkei 225 was up 0.4% with the ASX 200 off by 0.2%. All other regional indexes were higher, if not by very much.

Rising US yields continued to lift the US Dollar. Expectations of still-higher US interest rates have taken the ten-year benchmark’s yield up to near seven-year highs. More weak inflation data out of Japan weighed on the Yen, which sank to four-month lows against the Dollar. The prospect of any removal of Japan’s extraordinary stimulus seems as remote as ever.

USD/JPY remains very well supported and has now passed the February highs which had capped its advance this week.

US Dollar Vs Japanese Yen, Daily Chart

If the US Dollar can close above them then only a cluster of resistance from late January stands between the bulls and this year’s peaks.

Gold prices were steady through the Asian session, with oil inching up a little in the face of ongoing production cuts, reports of strong demand and US sanctions on Iran.

There’s not a huge amount on the data calendar for markets to get their teeth into on Friday. Canadian consumer price data may attract some attention.

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--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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