Asia stocks hover below nine-month peak after Wall Street stalls

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.

The U.S.-China trade dispute, signs of slowing global corporate earnings and business investment have all put pressure on riskier assets in the past year, so investors have been quick to lap-up positive news. Safe havens such as bonds and gold were on the defensive following the recent improvement in investor risk appetite.Story continues below advertisementElsewhere in commodities, the recent rally in crude oil prices slowed on the prospect of Russia and OPEC boosting production to fight for market share with the United States.

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