Most Asian share markets edged higher on Monday in a nod to the resilience of Wall Street, but Japanese stocks struggled with both a stronger yen and a surprisingly weak reading on economic growth. The Nikkei slipped 0.4 percent as the US dollar a third of a yen to 101.47. A stronger yen is viewed as negative for Japanese exports and corporate profits, and often prompts knee-jerk selling in shares.
In contrast, a lower dollar tends to be positive for commodities priced in that currency, helping lift gold to a fresh three-month peak at USD 1,323.76. The dollar’s losses were broad, with the euro firm at USD 1.3703.
Share markets elsewhere in the region fared better, with South Korea adding 0.4 percent and Australia 0.3 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.35 percent, having bounced 5 percent in the previous seven sessions.
Share markets elsewhere in the region fared better, with South Korea adding 0.4 percent and Australia 0.3 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.35 percent, having bounced 5 percent in the previous seven sessions.
In that they were following Wall Street, where the Dow ended Friday up 0.79 percent, while the S&P 500 gained 0.48 percent. US markets are closed Monday for the Presidents’ Day holiday.
In energy markets, Brent oil futures added 23 cents on Monday to USD 109.31 a barrel, while US crude firmed 34 cents to USD 100.64.
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