TOKYO - Asian stocks rebounded from a 3-1/2-month low on Wednesday as a slight softening in rhetoric from U.S. President Donald Trump eased worries about the U.S.-China tariff war, and on expectations that Beijing could unveil more economic stimulus.
Shares in Asia were led by strong gains in Chinese equities, which rebounded after two days of losses. However, Trump on Tuesday said he had a “very good” dialogue with China and insisted talks between the world’s two largest economies had not collapsed. Wall Street shares were able to bounce overnight in wake of Trump’s comments. [.N]
“The latest data shows that the Chinese economy still needs stimulus. Its stock markets could sustain its recovery if the government indicates it will continue to keep supporting the economy,” Hirayama at SMBC Nikko Securities said.The Chinese yuan was a shade firmer at 6.9028 per dollar in offshore trade, having edged away from a five-month trough of 6.9200 set on Tuesday.
The dollar index against a basket of six major currencies was nearly flat at 97.524 after gaining 0.2% the previous day.
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