Asian stocks under pressure Friday, US$ in demand

📆 16/10/2020 09:51:00
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Asian stocks came under pressure on Friday as investors sought safe havens, such as the U.S. dollar, fearing that a resurgence in coronavirus cases and a lack of additional U.S. fiscal stimulus would hobble the world economy.

U.S. President Donald Trump's offer on Thursday to raise the size of a fiscal stimulus package to win the support of Republicans and Democrats helped narrow Wall Street losses, though many investors still believe a deal is unlikely before the Nov. 3 election.

Australia and New Zealand investors were likely to"take a breather" on Friday, especially after New Zealand equities climbed 6% during October, Williamson said. Safe-haven demand due to signs of a stalling U.S. economy drove the dollar index 0.398% higher after touching a two-week high of 93.91, while the Japanese yen strengthened 0.08% versus the greenback at 105.38 per dollar.The euro was down 0.01% to $1.1705, while a firmer U.S. dollar dragged on sterling, which was last trading at $1.2902, down 0.09% on the day.

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