Asian stocks rose Thursday after a bruising selloff the previous day, despite lingering concerns around the US and Chinese trade war that show little sign of abating. The yen declined and crude oil steadied after its biggest plunge in two years.
Stock markets from Sydney to Hong Kong climbed alongside US and European equity futures, paring some of Wednesday’s losses that were spurred by angst the Trump administration’s trade stance will weaken the growth outlook. Chinese stocks outperformed. Asian currencies were under pressure amid nervousness surrounding the U.S.-China dispute.
The dollar steadied, while 10-year Treasury yields ticked higher. The offshore yuan pared an overnight loss, though remained past a key level against the greenback that prompted verbal intervention from the central bank last week.