Asian stocks drops as Draghi fails to lift sentiment

By FXStreet The sentiment on the Asian markets remained largely subdued so far this session, with most Asian indices swinging lower as Draghi’s no further rate cut stance overshadows the ECB stimulus-led optimism.

China stocks drive Asia lower

The Chinese equities extend the bearish streak and remain poised to book weekly loss, on the back of persisting risk-off moods combined with the strongest yuan fix so far this year. PBOC set USD/CNY rate at 6.4905 today versus 6.5127 Thursday close. The Shanghai Composite is down nearly 1%, Shenzhen’s CSI300 drops -0.85% and China A50 shares decline -0.65%.

While the Japanese benchmark index, the Nikkei 225 snapped previous rebound and now drops -0.87% to 16,705 points, following the ECB induced sharp gains in the yen against the greenback. Meanwhile, USD/JPY trades -0.07% lower at 113.13 levels.

The Australian stocks are wavering between gain and losses, with the ASX 200 index now inching up 0.15% at 5,157, mainly backed by gold mining stocks after the yellow metal jumped to its highest level since Feb 2015 at $ 1283.70.
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Source:: FX Street