Asian stocks struggle to build on Wall Street gains, dollar rises

SINGAPORE/NEW YORK - Asia’s stock markets struggled to emulate Wall Street’s rebound on Wednesday as persistent worries about the global economic recovery kept investors cautious, while ebbing inflation expectations helped the U.S. dollar to a two-month high.

Japan’s Nikkei returned from a two-day holiday to drop 0.6%. Markets in Shanghai and Hong Kong opened flat, the ASX 200 rose 1.6% and South Korea’s Kospi fell 0.8% on a jump in coronavirus infections. The greenback has busted out of a downtrend that started in March and it rose 0.2% against a basket of currencies to its highest since late July.

Chicago Fed President Charles Evans, due to become a voter on the Federal Open Market Committee in 2021, said overnight the Fed still needed to discuss its new inflation approach but it “could start raising rates before we start averaging 2%.”The drop and partial recovery of U.S. stocks this week has lacked an immediate trigger though geopolitics, economics and virus news has given investors plenty to worry about.

Futures trade suggests there is not much conviction behind the bounce, with S&P 500 futures wobbling either side of flat in Asia and Nasdaq 100 futures down 0.5%.

Hail the digital RMB

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