Asian shares dip, yen slides on Tuesday

Asian stocks outside Japan edged lower on Tuesday, extending losses from the previous session. The decline comes as investors grapple with the potential implications of a Donald Trump victory in the upcoming US presidential election.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, while Japan’s Nikkei index rose 0.3 per cent after returning from a public holiday.

The Shanghai Composite index fell 0.1 per cent, and Hong Kong’s Hang Seng index dropped 1.4 per cent, extending Monday’s losses.

Meanwhile, dovish comments from Federal Reserve Chair Jerome Powell boosted US futures. S&P 500 futures gained 0.2 per cent and Nasdaq futures firmed 0.3 per cent after Powell indicated the Fed may cut rates further this year.

The Japanese yen resumed its slide despite suspected intervention by Japanese authorities last week. The yen weakened 0.4 per cent to 158.67 per dollar.

Oil prices edged lower on worries about slowing demand from China’s economy. Brent futures fell 0.3 per cent to $84.63 a barrel, while US West Texas Intermediate (WTI) crude slipped 0.3 per cent to $81.64.

Gold rose marginally 0.3 per cent to $2,428.67 an ounce, nearing a record high.

Attribution: Reuters