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Bonds rally, stocks drift as China boost fades

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MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4% as did Japan's Nikkei. 'After opening strongly Hong Kong and China gave up most of their gains yesterday and commodities remain unloved,' said Damian Rooney, a dealer at Argonaut Securities in Perth, since measures cutting stock-trading duties do little for the economy. Over the weekend, China announced a halving in stock-trading stamp duties and had on Friday approved some guidelines for affordable housing.

FILE PHOTO: People walk past a screen displaying the Hang Seng stock index at Central district, in Hong KongSINGAPORE - Asian equity markets struggled for direction on Tuesday as the bounce from Beijing's efforts to support stocks ebbed, while bonds rallied and the dollar dipped ahead of U.S. labour and manufacturing data due later in the week.

The yen remained an outlier and within a whisker of Monday's 10-month low, which has traders on edge about the risk of intervention. The yen last bought 146.34 per dollar."After opening strongly Hong Kong and China gave up most of their gains yesterday and commodities remain unloved," said Damian Rooney, a dealer at Argonaut Securities in Perth, since measures cutting stock-trading duties do little for the economy.

Even on Monday, as markets bounced, foreign investors offloaded a net $1.1 billion in Chinese stocks and have been net sellers in 15 out of 16 previous sessions - keeping downward pressure on the yuan.Highlighting the focus on property sector fears, shares in indebted developer China Evergrande, which dropped nearly 80% upon their return from suspension on Monday, were down a further 6% on Tuesday.

 

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