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Author: Tan KW   |   Latest post: Tue, 15 Oct 2019, 6:50 PM

 

Asia stocks nixed on earnings; dollar gain builds

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SYDNEY: Stocks in Asia traded mixed Thursday after U.S. shares slipped amid disappointing earnings in the technology sector. The dollar built on its recent rally and Treasuries ticked higher.
 
Japanese shares fell amid a raft of corporate earnings, even as SoftBank Group Corp. surged as much as 17 percent on plans for its biggest-ever buyback. 
 
Australian shares rose for a fourth day, showing little signs of exhaustion as the benchmark index climbed further into technically overbought territory. 
 
The New Zealand dollar extended a decline after weaker-than-expected jobs data, while its Australian counterparts pared losses following Wednesday’s central bank shift to a neutral policy stance. China and Hong Kong are shut.
 
Investors are dealing with a lack of fresh impetus to extend the 2019 rally in risk assets ahead of meetings between U.S. and China on trade next week. 
 
In Washington, there was little progress on the domestic front with the deadline fast approaching for Congress and the White House to reach a deal on keeping the government open. 
 
Asian traders remain hamstrung by a dearth of activity as Chinese and Hong Kong markets remained shut for Lunar New Year.
 
JPMorgan Chase strategists still think it’s time to tilt toward risk -- read more here.
Elsewhere, iron ore rallied toward $90 a metric ton after Brazil’s Vale SA raised further supply concerns. 
 
Carmakers were weak in Europe after Daimler AG’s cautious tone reignited concern about global trade. While U.S. stocks dipped Wednesday, breaking a five-day rally on the S&P 500, volatility gauges continued to decline.
 
 
 - Bloomberg 
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