Hong Kong's Hang Seng index climbed 1.5% while South Korea's KOSPI jumped 1.76%. FMTNews AsianShareMarket ChinaCentralBank
SYDNEY: Asian shares extended gains on Wednesday, as investors saw China’s yuan fixing offering a modest olive branch to Washington amid a resurgence in trade tensions, while oil ended its winning streak on oversupply fears and weak demand.
MSCI’s broadest index of Asia Pacific shares outside of Japan climbed 0.8% in relatively light volumes with Japanese markets closed for a public holiday. “USD/CNH dropped about 200 pips on the stable fix, and a recovery in risk sentiment ensued, and there was no follow-through on US President Trump’s threat to China.”
On Wall Street overnight, the S&P 500 pared earlier gains after US Federal Reserve Vice Chair Richard Clarida warned that economic data would get much worse before getting better.In currencies, the yen scaled a three-year high against the euro and a seven-week peak on the dollar on Wednesday after the German court decision.
The euro hit a one-week low of US$1.0826 overnight and slumped to a three-year trough of 115.09 yen in Asia, as traders fretted about both the scheme and the euro’s future.The risk-sensitive Aussie and kiwi were up on the greenback, holding above 64 cents and 60 cents, respectively. The pound was steady at US$1.2431.Traders will keep an eye for the ADP National Employment Report of private US payrolls on Wednesday.
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