ASIAN STOCKS RISE BROADLY AFTER NEW WALL ST RECORDS, FED IN FOCUS

ASIAN STOCKS TALKING POINTS:

  • Stock markets rose across the board
  • New record highs in New York gave investors something other than trade to think about
  • The US Dollar slipped a little as risk appetite broadened
Asia Pacific stocks were more cheerful across the board on Friday, as they were always likely to be in a session which opened eager for the off given more record Wall Street highs the day before.The trade tensions between the US and some of its biggest trading partners, most notably of course China, which have dogged the markets have not dissipated at all. However, for the moment, i
nvestors are content to focus on more positive stories, such as corporate earnings.
All major regional bourses were solidly in the green as their closes approached on Friday. The Nikkei 225 was up by 1% with Hong Kong and Shanghai sharing in gains of very similar size. The ASX 200 was up too, if by rather less. It was sporting a 0.2% gain in the late Sydney afternoon.
The US Dollar was a little weaker, as was the Japanese Yen, with investors apparently prepared to bet that trade woes’ impact on the global economy will ultimately be contained. The day’s economic numbers were sparse. The big one was official Japanese inflation data. The headline figure rose to seven-month highs but theunderlying price picture remains terribly subdued.
USD/JPY continues to gain, however, with the pair now tantalizingly close to July’s peaks, which were the highest point reached since the start of 2018.
US Dollar Vs Japanese Yen, Daily Chart
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