Asian stocks drift away from nine-month maximum

Asian stocks drift away from nine-month maximum

On Thursday, Asian stocks went down after losses on Wall Street, although trade was subdued due to the fact that market participants waited for business polls in the European Union and were mostly on the sidelines ahead of the long Easter weekend holiday.

Eventually, MSCI's index of Asia-Pacific stocks decreased by 0.2%, reversing having reached its highest value since late July 2018 early in the trading marathon.

As for Australian stocks, they were generally intact, while Japan's Nikkei headed south by about 0.5% and Chinese blue chips inched down by 0.3%.

On Wednesday, Wall Street stocks tumbled, with the S&P 500 losing 0.2% as a dive in healthcare stocks managed to outweigh positive economic data from China and the US.

In February, the American trade deficit headed south to an eight-month minimum due to the fact that imports from China slipped, as Wednesday’s data disclosed.

In fact, separate figures from China earlier in the day disclosed that the world's number two economy managed to soar at a steady 6.4% tempo in the first quarter, thus confounding estimates for a deceleration. Investors’ focus is currently shifting to how much more stimulus the Chinese government is going to apply without generating financial risks.

In addition to this, traders are also waiting for the publication of Purchasing Managers Indexes for the service as well as manufacturing sectors in the EU later on Thursday just to get more prompts on the strength of the euro zone economy.

In April, Japanese manufacturing activity demonstrated a bit slower pace due to a leap in hiring. However, new export orders inched down at the fastest tempo for nearly three years in a sign that slow global demand is still a key pressure point for the Japanese economy.

The common currency leapt to $1.1294, thus adding to yesterday’s 0.1% jump right after traders bought the euro on the back of the upbeat Chinese data.

Experts state that a reviving Chinese economy is also upbeat news for the German one and, in particular, for the common currency.

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