Asian Stock Market: Sluggish amid off in China, Japan

  • Asian equities trade mixed as holidays in the key markets trouble traders.
  • Aussie shares cheer RBA’s extended easy money policies, New Zealand follows the suit.
  • India takes clues from the West but South Korea, Indonesia can’t ignore escalating pandemic woes in the region.

Shares in the Asia-Pacific region struggle for clear direction during early Tuesday as traders from Beijing and Tokyo cheer extended weekends. While portraying the mood, MSCI’s index of Asia-Pacific shares outside Japan drops 0.10% even as stocks from Australia and New Zealand gain half a percent by the press time.

Be it the Reserve Bank of Australia’s (RBA) sustained support for monetary easing and cautious optimism or downbeat Aussie data, stocks from Canberra had everything needed to post an upbeat. However, holidays at the largest customer China and Japan battle virus woes in Asia to limit the upside momentum.

New Zealand’s NZX 50 copies the moves from Australia even as rumors of RBNZ’s absence in the upcoming meet tested the market sentiment. Also on the risk-negative side could be news suggesting that Japan’s largest prefecture (by area) requests the government to take further measures to tame the coronavirus (COVID-19).

Elsewhere, India’s BSE Sensex cheers global help and early signs that the pandemic is fading in some parts of the nation. However, shares from South Korea and Indonesia print mild losses by the press time.

It should be noted that Wall Street closed mixed as selling in technology shares weighed on the Nasdaq while hopes of faster economic recovery, conveyed by the Fed policymakers backed the bulls.

However, the S&P 500 Futures print a three-day losing streak as optimism faded amid a lack of major data/events. Additionally, fears of trade/geopolitical tension between the West and China, as well as Russia, also weigh on the sentiment.

Read: S&P 500 Futures print three-day downtrend amid mixed clues, sluggish day in Asia

Looking forward, US trade figures and factory orders will be the key to follow but more important will be the risk catalysts.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 


GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 


XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more