Singapore — Asian stocks eked out gains on Tuesday as investors’ focus on the prospects of a global coronavirus recovery won out over familiar worries about Sino-US relations and the depth of economic damage.
The week had begun with a surge in riskier currencies and global equities after Trump’s response to China’s tightening grip on Hong Kong — with threats, not tariffs — was seen lowering the temperature of Sino-US tension. “In the meantime, we’re hanging in there, but I think we might be getting a little exhausted given the giddy heights that we’re trading at.”
Japan’s Nikkei rose 1% to its highest since late February and markets in Seoul, Taipei and Hong Kong also gained. Currency and bond markets took a breather, and the safe-haven dollar scraped from multi-month lows against most major currencies and pushed bond yields lower.
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