Asian stocks trade in the green, Chinese indices drop on firmer yuan

FXStreet (Mumbai) – Asian indices has an upbeat start to the week, with Japanese shares leading gains on weaker yen following a contraction in Japan’s Q2 GDP figures, preliminary estimates showed. While investors’ sentiment remained boosted amid stabilizing fx markets as the latest PBOC yuan fix had no major impact.
China yuan fixing stood firmer for the second day on Monday at 6.3969 versus 6.3918 Friday

Nikkei, ASX higher as China yuan fix effect normalizes

Chinese authorities left the yuan reference rate little changed on Monday. China shook markets last week when the authorities unexpectedly devalued the Chinese yuan by close to 3%.

The Japanese benchmark Nikkei 225 is up 0.49% at 20619. The benchmark Australian S&P/ASX 200 index trades 0.31% higher at 5373.30 points as retailers and resource stocks enjoyed healthy gains. While Korea’s benchmark Kospi index pared losses and now trades -0.36% at 1,976.50 points in Seoul.

Chinese stocks dropped at open and fell further in to the red with the Hong Kong’s benchmark Hang Seng index losing -0.87% at 23760 while mainland China’s benchmark Shanghai Composite falling -0.65% to trade at 3939.

Asian indices has an upbeat start to the week, with Japanese shares leading gains on weaker yen following a contraction in Japan’s Q2 GDP figures, preliminary estimates showed. While investors’ sentiment remained boosted amid stabilizing fx markets as the latest PBOC yuan fix had no major impact.

(Market News Provided by FXstreet)