Asia stocks hover below nine-month high after Wall Street stalls

TOKYO - Asian stocks hovered below a nine-month high on Tuesday after disappointing bank earnings dented Wall Street, though recent signs that the global economy is likely to avoid a sharper downturn helped limit the losses.

The Shanghai Composite Index lost 0.1 percent. South Korea’s KOSPI fell 0.1 percent, Australian stocks added 0.5 percent.“The equity markets are facing some headwinds after their recent large gains,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. Wall Street lost ground on Monday, dragged down as underwhelming bank earnings curbed investor enthusiasm. But while all three major U.S. stock indexes edged lower, the S&P 500 remained within a percent of its record high. [.N]

Spot gold was a shade lower at $1,286.21 an ounce and headed for its fourth straight days of losses. [GOL/] The dollar, which tends to underperform when risk appetite increases, was steady at 96.980 against a basket of six major currencies, extending overnight losses.

Personally I think there’s something inherently dishonest about US stocks. Creepy.

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