Asian stocks joined a global equities surge on Wednesday, after Washington delayed tariffs on some Chinese imports and gave much-needed relief for markets gripped by political and economic turmoil.[TOKYO] Asian stocks joined a global equities surge on Wednesday, after Washington delayed tariffs on some Chinese imports and gave much-needed relief for markets gripped by political and economic turmoil.
The surge in US stocks lifted MSCI's broadest index of Asia-Pacific shares outside Japan by 0.9 per cent.The Shanghai Composite Index advanced 0.6 per cent while Hong Kong's Hang Seng, which has been hurt by disruptions from large anti-government protests, rose 0.5 per cent.South Korea's KOSPI advanced 0.8 per cent and Japan's Nikkei rose 0.6 per cent.
Kenta Inoue, senior market economist at Mitsubishi UFJ Morgan Stanley Securities, pointed out that Mr Trump's tariff delay came just as US stocks were stalling. The year-long tariff dispute between the world's biggest economies has already disrupted global supply chains and slowed economic growth. "And while the tensions in Hong Kong are not a main calibre theme for all markets, their negative impact has been multiplied as they have taken place simultaneously with developments in Argentina."
In volatile trading, the yen retreated to 106.980 per dollar overnight before finding its footing. On Monday, the Japanese currency had brushed a seven-month peak near 105.000.
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