Asian stocks struggle to follow Wall Street gains
|- The White House balanced its trade preference for Turkey with the latest action.
- Fewer catalysts to watch for the day while global politics to remain in the spotlight.
Asian stocks seesaw on early Friday as Trump administration’s latest rhetoric against Turkey and sluggish prints of second-tier data stop investors to follow Wall Street gains.
The MSCI’s index of Asia Pacific shares ex-Japan flashes near to 0.3% losses while writing the article whereas Japan’s Nikkei gained 1.45% by the press time.
Absence of fresh negatives from the US-China front joined upbeat data and earnings to help the US indices post gains. The DJI30 gained +0.84% to 21,466 while Nasdaq rose near to 1.0% with S&P500 marking 0.90% profits.
Australia’s ASX200 reports +0.81% gain while New Zealand’s NZX50 ignored the latest prints of business PMI and is gaining +0.30% now. Further, South Korea’s Kospi holds near 0.70% positive with Jakarta Composite Index and HANG SENG remaining mostly unchanged.
The US President Donald Trump recently turned down preferential trade agreement with Turkey that allowed some exports to enter the country duty-free. This could be in response to the White House’s latest decision to cut tariffs on Turkey by half announced on Thursday.
Risk tone remained mostly unchanged with the global risk barometer 10-year US treasury yields were close to yesterday’s 2.40% mark.
Looking forward, the lack of major market data/event could push investors to keep shuffling political news for fresh impulse. Though, comments from Fed members and consumer sentiment figure from the US could entertain traders during the later part of the day.
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