MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.55% but above the two-and-a-half year low it touched on Thursday.China’s stock market opened 0.1% higher on Friday.
“It’s all so tenuous… the problem is the macro environment still remains difficult,” said Shane Oliver, chief economist at AMP Capital, adding that the market is in a tug of war between investors who see opportunities and those who are focused on the difficult environment. “It really is the U.S. bond show that drives broad markets and while liquidity is an issue, talk is there are just no buyers,” said Chris Weston, head of research at Pepperstone.
In the currency market, sterling dipped lower as investors digested the news that British Prime Minister Liz Truss had quit after just six weeks in office.Truss’ resignation surprised no-one and was met with little market reaction given the wholesale abandonment of her policies by the finance minister, said Tapas Strickland, head of market economics at National Australia Bank.The currency first weakened past the symbolic 150 level late Thursday afternoon in Tokyo.
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