Asian stocks trade mixed, Nikkei drops on stronger yen

By FXStreet A choppy Asian session so far, with the indices finally settling in the green except for the Japanese stocks, which extend losses as the yen continues to strengthen.

China rate cut offset by yen strength and poor China PMIs

The Japanese benchmark index, the Nikkei 225 extends losses for the second straight session, with the index losing -0.69% to 15,916 points. The Japanese currency continues to garner strength amid resurgence of China economic woes after the country’s manufacturing PMI reports showed a feeble picture. A stronger yen weighs on the exports-oriented stocks, while USD/JPY trades -0.27% to 112.35 levels.

The Australian markets wavered between gains and losses, now sending the ASX 200 index back in the positive territory above 4,900 levels, up 0.52% so far. The index is led higher by gold miners, as the bullion rallies almost 1% to trade near 1250 mark. However, the upside remains capped as markets remain cautious ahead of the RBA policy decision due out shortly.

The Chinese stock markets also continue to wobble as traders digest the latest domestic economic news as well as the PBOC RRR cut decision. The Shanghai Composite erased gains and trades marginally lower, Shenzhen’s CSI300 is up 0.14%. Hong Kong’s …read more

Source:: FX Street