Asia stocks strain as investors wary on Ukraine, China
March 24, 2014 8:28 amVideo
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Asian shares surged lower on Monday, as investors were shackled by continuous upheaval in Ukraine, uncertainty on US Federal Reserve policy, and concerns on slowing growth in China.
The euro climbed from a recent low versus the dollar as traders kept on recalibrating expectations around US monetary policy following Fed Chair Janet Yellen elevated the prospect of an earlier than expected start to interest rate increases last week.
Markets will also have an opportunity to watch the pulse of the world’s second largest economy today when a private survey on China’s manufacturing sector is issued. The China HSBC flash manufacturing purchasing managers index (PMI) will be released at 01:45 GMT despite escalating worries about a pullback in the economy and shocking moves in the yuan currency market that have confused investors.
The yuan endured its largest weekly plunge versus the greenback last week as policymakers attempt to irrigate hot money from the market. MSCI’s widest index of Asia-Pacific shares outside Japan fell 0.1% in early trading, while Australian shares slipped around 0.3%. Japan’s Nikkei share average defied the trend and opened 0.5% higher.
Appetite for risk was still hugely suppressed as geopolitical turmoils continued to simmer following NATO’s top military commander said on Sunday Russia had made a very sizable force on its border with Ukraine, and Moscow might have a region in Moldova, another ex-Soviet republic, in its sights after adjoining Crimea.
The euro stood slightly changed versus the dollar at $1.3793 after reaching a two-week low of $1.3749 on Thursday.
Investors touched the greenback last week as they quickly carried forward the risk of a US interest rate hike early in 2015 following Yellen surprised markets by increasing the potentiality of such move. The dollar dived 0.1% to ¥10.215, with the Japanese currency continuing to attract safe-haven bids as investors were still stressed over the tension in Ukraine.
Currency market players were also keeping an eye on emergency dialogues between leaders of G7 nations scheduled later in the session. At the Hague, the G7 will possibly talk about how to apply additional pressure on Russia and at what potential cost.
The material has been provided by InstaForex Company – www.instaforex.com
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