Asia stocks hover below nine month peak after Wall Street stalls

TOKYO: Asian stocks hovered below a nine-month peak on Tuesday after disappointing bank earnings dented Wall Street, though recent signs the global economy is likely to avoid a sharper downturn helped limit the losses.The index had risen to its highest level since July 2018 the previous day after strong data from China eased investor concerns about the health of the global economy. Expectations that Chinese and U.S. trade negotiators would strike a deal soon also lifted confidence.

Wall Street lost ground on Monday, dragged down as underwhelming bank earnings curbed investor enthusiasm. But while all three major U.S. stock indexes edged lower, the S&P 500 remained within a percent of its record high. U.S. West Texas Intermediate crude futures were up 0.15 percent at US$63.50 per barrel after losing nearly 0.8 percent the previous day.Oil had rallied on tightening global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers, and on the threat that renewed fighting could stop production in Libya.

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