Tuesday, 5 June 2018

Asian stocks trade mixed; Treasury yields steady

Asian stocks struggled for traction Tuesday after pacing a global rally as investors set aside protectionist fears in favor of optimism over the US economy. Ten-year Treasuries edged higher after fourth consecutive sessions of declines.

Stocks pared gains in Japan, fell in Australia and fluctuated in Hong Kong and South Korea. Earlier, the S&P 500 Index closed at its strongest since mid-March and the Nasdaq Composite Index rose to a record high helped by Microsoft Corp. agreeing to buy coding site GitHub for $7.5bn. US equity futures were little changed Tuesday. The dollar steadied against major peers.

Investors are renewing their focus on the U.S., after jobs figures, Friday underscored the resilience of the world’s largest economy. Coupled with easing fears of a euro-zone crisis, it pushed to the background concerns about trade that flared up again over the weekend. Still, trade tensions are likely to return to the fore again this week. Group of Seven leaders meet in Quebec Friday, with the European Union and Canada threatening retaliatory measures unless President Donald Trump reverses course on new steel and aluminum levies.

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