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Asia stocks resilient as Wall Street slips, China trade disappoints

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U.S. stock futures and commodities slipped in Asia on Monday after Beijing denied it was considering easing its zero COVID-19 policy, though resilience in Asian equities took some of the sting out of the selling.

Risk assets had rallied on Friday amid speculation China was preparing to relax its pandemic restrictions, but over the weekend health officials reiterated their commitment to the "dynamic-clearing" approach to COVID cases as soon as they emerge.

Speculation that China might open its economy saw copper jump 7% on Friday in its biggest one-day rally since 2009, while a range of resources all benefited from hopes of increased demand. A little of that reversed on Monday, with the Aussie down 0.7% at $0.6421 after jumping 3% on Friday. The dollar gained 0.7% on the offshore yuan .

 

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