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Asian stocks hit 15-month peak
On Tuesday, Asian shares reached 15-month peaks, while the greenback and American bond yields turned to be on the back foot on the prospect of a less-hawkish Fed policy trajectory.
MSCI's broadest index of Asia-Pacific stocks outside Japan added 0.4% to 15-month peaks, with tech-heavy Seoul and Taipei stocks, reaching two-year peaks, while Hong Kong's Hang Seng reached 1 1/2-year peaks.
Aside from that, Japan's Nikkei N225 sank 0.3%, suppressed by financial stocks that were hurt by lower American yields as well as exporter stocks, which dropped on the yen's revenues against the greenback.
While Asian stocks have been backed by signs of strong global economic growth, worries about protectionism cast a shadow after financial leaders of the world's leading economies promised to keep global trade free and open, thus dropping a hint at surging protectionism in the United States.
Wall Street stocks declined as market participants worried that President Donald Trump's plan to reduce taxes and bolster the US economy could take longer than expected.
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.