Asian shares rebound from eight-month maximums

Asian shares rebound from eight-month maximums

On Wednesday, Asian stocks went down from eight-month peaks because the International Monetary Fund lowered its global surge outlook and America and the EU locked horns over levies in another escalation of trade tensions.

Eventually, European stocks were poised to start lower, with the UK’s FTSE futures slumping by 0.1% and Germany's DAX stocks diving by 0.02%.

MSCI's index of Asia-Pacific stocks headed south by 0.1%, just a day after it reached its highest value since August 1.

As for the Shanghai Composite Index, it inched down by 0.4%, while Japan’s Nikkei declined by 0.7%.

Meanwhile, on Wall Street, the S&P 500 went down by 0.61%, while the Nasdaq Composite decreased by 0.56% on Tuesday.

Overnight, American data contributed to the cautious mood, with job openings slumping to an 11-month minimum in February and driving doubts as for the strength of the American labor market that has been one of the few bright spots in the US economy.

Meanwhile, American leader threatened to slap duties on $11 billion worth of EU products, thus powering tensions over a long-running transatlantic aircraft subsidy conflict.

Global debt yields generally stood still, with the 10-year American Treasury yield being worth 2.49%, which is off its 15-month minimum of 2.340% recorded late last month.

Key currencies were little affected with an immediate focus on the EU leaders' summit as well as the ECB’s policy gathering.

EU leaders will most probably grant UK Prime Minister Theresa May another delay to Brexit, although they could demand Theresa accepts a much longer extension due to the fact that France pushed for conditions to restrict the UK’s ability to undermine the EU.

The UK pound was nearly intact, sticking with $1.3059.


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