Asia stocks bounce on firmer Chinese lead, pound steadies

TOKYO - Asian stocks bounced on Wednesday, led by Chinese markets after a report showed growth in the country’s service sector accelerating despite broader economic headwinds, while the pound halted its decline on hopes a no-deal Brexit may yet be averted.

The Shanghai Composite Index added 0.45% while the blue-chip CSI300 index gained 0.5% after activity in China’s services sector expanded at the fastest pace in three months in August, according to a business survey.While some markets in Asia enjoyed gains, sentiment in the wider region remained subdued amid worries about a global recession.

The 10-year U.S. Treasury yielded 1.474% after stooping to 1.429% on Tuesday, its lowest since July 2016. The pound’s bounce came after a British cross-party alliance defeated Prime Minister Johnson in an effort to block a “no-deal” Brexit, leading the premier to push for a snap election.

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