Asian stocks trim gains as Oil recovery falters

By FXStreet FXStreet (Mumbai) – The Asian equities snapped its rebound and turned lower, with markets seeing the recovery as a dead cat bounce, while the recovery in oil and industrial metals loses steam.

Asian stocks drift lower amid renewed bout of risk-aversion

The Japanese stocks trim gains as the demand for safe-havens returns as risk-sentiment appears to worsen as oil turns lower once again. Meanwhile, USD/JPY trades 0.17% higher at 117.15 versus 117.30 previous, whereas the Nikkei trades +0.50% to 16,497.

Among other Asian indices, the Australian S7P/ASX 200 now rises +0.65% to 4,873, the Shanghai Composite index advances +0.51% to trade around 3k mark. While Shenzhen’s CSI 300 index trades +0.65%. Hong Kong’s the Hang Seng sheds initial gains to now trade at 19,024, up +0.73% so far.

Meanwhile, both crude benchmarks are reversing their initial rebound; with the US oil trading modestly flat just ahead of $ 28. While the Brent oil trades +0.54% and gives up $ 28 barrier.
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Source:: FX Street