Sun, 26 May 2019

SYDNEY, Australia - Stocks in Asia were mostly flat on Tuesday, however the Australian marked surged in its first day back from an extended Easter Break, which began last Thursday.

The Nikkei gained as well, but the addition was much more modest.

Shares in Shanghai and Hong Kong sagged.

The Chinese economy is expected to come under pressure due to the sudden announcement by U.S. President Donald Trump that waivers in relation to China and other countries, allowing them to buy oil from Iran, will cease as of May 1. Aside from  having to arrange new suppliers, China, if it complies, will likely face higher oil prices, as will the rest of the world, if as U.S. Secretary of State Mike Pompeo says, the aim is to drive Iranian oil sales down to zero.

The U.S. dollar perked up in Asia on Tuesday, pushing sterling to a six-week low, and pressuring other currencies including the euro.

The Japanese yen rose a few basis points but the gain was negligible.

The Australian All Ordinaries on Tuesday closed 61.20 points or 0.96% higher at 6,411.10.

The Nikkei 225 in Tokyo rose 41.84 points or 0.19% to 22,259.74.

In China, the Shanghai Composite dropped 16.45 points or 0.51% to 3,198.59.

The Hong Kong Hang Seng shed 41.50 points or 0.14% to 29,921.76.

On forex markets Tuesday in Sydney, the euro was quoted around the close at 1.1243, the British pound at 1.2985, the Japanese yen at 111.85, and the Swiss franc at 1.0178.

The dollar-bloc saw the Australian dollar at 0.7110, the New Zealand dollar at 0.6658, and the Canadian dollar at 1.3364.

 

 

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