Tokyo — Asian stocks clung to narrow ranges on Wednesday as investors awaited fresh clues on the progress of US-China trade negotiations, with a weaker Wall Street finish capping broader gains.
The Shanghai Composite index was up 0.3% as China’s state planner said the government will boost domestic consumption further in 2019. Beijing announced billions of dollar in tax cuts and infrastructure spending on Tuesday to reduce the risk of a sharper economic slowdown.
“Steady US growth is a stronger theme than slowing Chinese growth, especially with Sino-US trade talks seemingly headed for some kind of a conclusion.” In the currency market, the dollar held gains after rising against its peers on Tuesday’s upbeat ISM nonmanufacturing sector report.