Asia bourses regain poise as resources shares climb

Tuesday 02:40 GMT


Asian stocks and the US dollar were regaining some composure after a jolt caused by the Trump administration’s failure last week to push through promised US healthcare reforms.

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US markets remained a focal point for global investors. The S&P 500 closed 0.1 per cent lower on Wall Street, paring declines, with investors still twitchy in the wake of President Donald Trump’s failure to overhaul the Affordable Care Act.

Investors are weighing whether this could compromise Mr Trump’s ability to pass other proposed reforms, such as winding back financial regulation, putting the market rally under way since the presidential election on shakier footing.

The US dollar index, a measure of the US currency against a basket of global peers, was up 0.1 per cent at 99.213, recovering from a 0.5 per cent drop on Monday.


Resources-related stocks were leading a broad regional relief rally despite a mixed performance by commodity prices. Japan’s Topix was up 1 per cent, with mining stocks the top performers, while Australia’s S&P/ASX 200 gained 1 per cent, led by banks and miners.

Hong Kong’s Hang Seng was up 0.5 per cent while on the mainland, China’s Shanghai Composite was down 0.1 per cent.


Base metal prices on the London Metal Exchange were all lower on Monday, and iron ore futures for September delivery were down 0.7 per cent at Rmb553.5 per tonne in Asia — heading for a sixth-straight decline.

Gold was fractionally lower at $1,253.94 an ounce, after bouncing 0.9 per cent on Monday in its biggest one-day gain in almost a fortnight.

Oil prices firmed, with Brent crude, the international benchmark, up 0.3 per cent at $50.92 a barrel and West Texas Intermediate rising 0.4 per cent to $47.94.


The Japanese yen was 0.1 per cent stronger against the dollar at ‎¥110.6, on pace for a 10th advance in 11 sessions as investors shifted towards haven assets and the greenback lost ground. The yen’s gain extended a…

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