Asian stocks mixed after rally; Treasuries, Yuan steady

Hong Kong shares declined, while equities rose in Australia and were flat in Korea and Japan.

Jun 12, 2019 02:06 IST India Infoline News Service

Asian stocks were mixed after US equities halted a five-day winning streak and Treasuries steadied amid signs of fatigue from the recent global revival in risk appetite.

Hong Kong shares declined, while equities rose in Australia and were flat in Korea and Japan. The S&P 500 Index ended little changed and futures were steady. MSCI’s global index of shares has risen the past seven days. US President Donald Trump said he’d personally holding up a trade deal with China and that he won’t complete the agreement unless Beijing returns to terms negotiated earlier in the year. The dollar drifted and crude oil declined.

Market sentiment remains fragile ahead of the Group-of-20 summit, which some say could provide a breakthrough in stalled trade talks between the world’s two largest economies. As traders have added bets on lower US interest rates, Trump stepped up his criticism of Fed policy in tweets Tuesday, calling borrowing costs “way too high” amid “VERY LOW INFLATION.”

Elsewhere, oil fell back below $53 a barrel in New York after an industry report showed US oil inventories swelling further. Hong Kong’s dollar climbed to the strongest level since early January amid signs of tightening funding costs.

Source: Bloomberg

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