Asian shares take a break from their five-day rally

A passerby stands in front of an electronic board displaying a graph showing recent movement of Japan’s Nikkei average outside a brokerage in Tokyo, Japan. Picture: REUTERS/ISSEI KATO

That left MSCI’s broadest index of Asia-Pacific shares outside Japan slightly higher, with gains largely led by Hong Kong’s Hang Seng index. Given US consumption has been one of few remaining bright spots in the global economy, the data fanned worries the Sino-US trade war would tip the world into recession.

“While the US suspended a hike in tariffs, it hasn’t gone as far as scrapping the tariffs altogether, so it is hard to expect a quick pick-up in the economy,” said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management.Losses in equities were somewhat offset by a solid start to the earnings season, though that is partly because investors have already marked down their expectations substantially.

The pound has risen more than 5% in the past five sessions on hopes the UK and the EU can strike a fresh deal in an EU leaders’ summit on Thursday and Friday. “Trading the British pound intraday at the moment is not for the faint-hearted, with deep pockets required,” said Jeffrey Halley, senior market analyst at Oanda.

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