Asian stocks clung to tight ranges as investors awaited fresh directional cues from U.S.-China trade negotiations and a weaker Wall Street finish capped broader gains
Asian stocks clung to tight ranges on Wednesday, as investors awaited fresh directional cues from U.S.-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust U.S. economic data supported the dollar.
Wall Street dipped on Tuesday as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the benchmark S&P 500 after the market’s run to a five-month peak on Monday.A report from the Institute for Supply Management showed U.S. non-manufacturing sector companies in February placing the most new orders since August 2005, an indicator of robust health.
“Steady U.S. growth is a stronger theme than slowing Chinese growth, especially with Sino-U.S. trade talks seemingly headed for some kind of a conclusion.” On the trade front, U.S. Secretary of State Mike Pompeo said on Monday he thought the United States and China were “on the cusp” of a deal to end their trade war. Pompeo added on Tuesday that “Things are in a good place, but it’s got to be right.”
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