Asian shares paused for breath on Tuesday following a surge sparked by speculation Beijing is trying to orchestrate a major domestic bull run to support an economy hit by the coronavirus and a standoff with Washington.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last down 0.25%, a seemingly inevitable correction after sharp gains of 7% in just five days that took it to a 4-1/2-month high.
Bluechip CSI300 index of Shanghai and Shenzhen shares, which had gained more than 13 in the past five sessions, gained another 1.7%, led by rises in tech sector. China’s moves came as the Sino-U.S. disagreements have gone beyond trade and tariff to include a whole gamut of issues, such as the status of Hong Kong, signalling to some investors that Beijing may be aiming to reduce its dependence on the West.
A sharp rebound in U.S. services industry activity in June, almost returning to pre-pandemic levels, also helped to whet investors’ risk appetite.
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