Asian stocks slip amid North Korea concerns, dollar up on Mnuchin comments
HIGHLIGHTS
⇒ Asia ex-Japan lower; Nikkei jumps on weaker yen
⇒ North Korea vows more missile tests as US steps up rhetoric
⇒ Dollar strengthens after Mnuchin supports stronger currency
⇒ Oil inches up after Monday losses
Asian stocks pulled back in early trade on Tuesday, while the dollar bounced back from a five-month low after the US Treasury Secretary’s comments supported a stronger currency, although escalating tensions over North Korea capped gains.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.15% lower.
Japan’s Nikkei jumped 0.8%, its biggest one-day gain in three weeks, thanks to a weaker yen.
Australian shares slipped 0.8% on their first trading day this week. South Korea’s KOSPI climbed 0.1%.
Markets are awaiting data on Chinese home prices in March and South Korea’s producer price index, as well as minutes from the Reserve Bank of Australia’s April meeting.
US housing starts and building permits for March, as well as industrial production, are also due later in the session.
Following North Korea’s failed missile launch on Sunday, tensions have escalated amid concerns that the isolated state may soon test another nuclear bomb or missile.
US Vice President Mike Pence warned North Korea on Monday that recent American military strikes in Syria and Afghanistan showed President Donald Trump’s …read more