Markets in China stumble as they return from a long holiday, while the yen gains
Pedestrians walk past an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan. Picture: REUTERS/KIM KYUNG-HOON
“With Trump and the company still on the Wuhan Lab rampage, traders are incredibly cautious this morning, weighing all the possible China responses. And the one that would hurt the most would be for China to reduce imports of US oil.” On Tuesday, he urged China to be transparent about the origins of the novel coronavirus that has killed more than a quarter of a million people worldwide since it started in the Chinese city of Wuhan late last year.
On Wall Street overnight, the S&P 500 pared earlier gains after US Federal Reserve vice-chair Richard Clarida warned that economic data would get much worse before getting better.In currencies, the yen scaled a three-year high against the euro and a seven-week peak on the dollar on Wednesday, after a court decision challenging German participation in Europe’s stimulus programme and worries about a bumpy global recovery spooked investors.
The safe-haven yen cracked through resistance against the dollar to hit a seven-week high of 106.20. The Aussie and kiwi slipped slightly on the greenback, though held above 64c and 60c respectively. The pound was steady at $1.2431.Traders will keep an eye for the ADP National Employment Report of private US payrolls on Wednesday.
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