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Asian equities go down on everlasting tech woes
On Thursday, Asian equities went down after a tech-led rebound on Wall Street. Meanwhile, the safe haven Japanese yen declined versus the US currency on Thursday in the face of perceived progress on North Korea tensions.
MSCI's index of Asia-Pacific equities dived 0.2%.
Shanghai tacked on 0.05%. In Hong Kong, the Hang Seng headed south 0.35%, while Australian equities slumped 0.4%.
In Japan, the Nikkei index inched up 0.6%, with the weaker yen backing exporter stocks, while South Korea's KOSPI managed to gain 0.1%.
Wall Street concluded lower following Wednesday’s rocky trading session because revenues in consumer staples as well as healthcare were compensated by an abrupt dive in Amazon equities as well as an everlasting decline in technology shares.
Asian shares are expected to gain support from relieving tensions as for North Korea.
The Japanese yen, which is often purchased in times of political tensions and market turmoil, managed to retrace the revenues it made versus the evergreen buck previously in the week.
The US currency hit 106.580 yen having soared 1.4% on Wednesday, drifting away from a 16-month dip of 104.560 reached on Monday.
Besides this, the evergreen buck managed to soar versus other currencies. Against a group of six main currencies the US dollar index showed 89.987 having hit a one-week maximum of 90.147.
This month global markets were affected when Donald Trump made up his mind to have tariffs imposed on China’s goods and Beijing threatened to do the same.
The common currency was a bit higher demonstrating at $1.2323 having lost 0.75% on Wednesday.
The British pound stood still showing $1.4074 having lost 0.5% overnight because UK retail sales inched down in March for the first time for five months.
The 10-year American Treasury revenues accounted for 2.786% having hit a near two-month minimum of 2.743% overnight on diving Wall Street equities.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.