SINGAPORE - Asian stock markets began the week with cautious gains on Monday, as investors clung to hopes for U.S. stimulus spending, while the dollar firmed after a Chinese central bank policy tweak unwound some of the yuan’s steep gains.
The yuan fell 0.7% to 6.7331 in early trade, pulling the Australian dollar 0.2% lower to $0.7229. The fixing of the onshore trading band at 0115 GMT will be closely watched as a guide to authorities’ stance on the currency’s level. A new $1.8 billion White House proposal has drawn criticism from both Democrats and Republicans, yet investors seem optimistic that spending will resume at some point.
“Markets should be very sensitive to Senate polling over the coming weeks, given still-high expectations for a large scale U.S. stimulus package, which to some extent if not passed before November is contingent on the Democrats flipping the Senate.” However, Saturday’s move from the PBOC to cut forward reserve requirements, making it cheaper to short the yuan or to hedge against a rise, hints further gains could be tempered.
Other currency moves were modest, with early dollar weakness paring a bit. The euro edged 0.1% lower to $1.1819 and the yen was broadly steady at 105.64 per dollar. The kiwi dipped 0.1% with the softer yuan to sit at $0.6666.
What stimulus? Isn’t a stimulus a sign of a failing economy? How is this bullish?
Meaning that stocks are hinged on the american public getting bailed out because classical consumerism is at an all time low.
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