Asia stocks off highs, yields up on looming U.S. stimulus

Asia stocks off highs, yields up on looming U.S. stimulus

Asian shares took a breather on Monday while Treasury yields were at 10-month highs as “trillions” in new U.S. fiscal stimulus plans were set to be unveiled this week, stoking a global reflation trade. 

Investors were keeping a wary eye on U.S. politics as pressure grew to impeach President Donald Trump, though signs were an actual trial could be some time away.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.2%, having surged 5% last week to record highs. Japan’s Nikkei was on holiday after closing at a 30-year high on Friday.

South Korea went flat after an early jump, and Chinese blue chips firmed 0.7%.

“Asia has come through the second global crisis this millennium with its credentials,” said ANZ chief economist Richard Yetsenga.

“Asia’s growth is stronger, with for the most part better demographics and debt levels, than advanced economies.”

He noted a turnaround in fortunes between the semiconductor and energy sectors highlighted Asia’s success, given the region produced around 45% of the world’s semiconductors.

Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down  by 0.23 % to 3,561.77. Hong Kong’s Hang Seng Index was up  about 0.72% to 28079.50.

Japan’s benchmark Nikkei average. Nikkei 225 is trading up 2.36 percent at 28139.03. on  Monday, while the broader TOPIX  100 rose  1.64 percent to 1,208.37. South Korea’s Kospi was down by 0.97% to 3119.89.

Nikkei 225

Asia stocks

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