Asian bourses’ recovery stalls, taking cue from Europe
Wall Street’s ‘fear gauge’, the Vix index, has fallen dramatically from the highs it reached earlier this month
Tokyo — Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak, while the dollar edged up to pull further away from three-year lows. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.5%. Australian stocks fell 0.3%, South Korea’s Kospi lost 0.7% and Hong Kong’s Hang Seng dropped 0.85%. Japan’s Nikkei retreated 1.25% after three successive days of gains. The pan-European Stoxx index fell 0.6% on Monday following three days of gains, dragged down by falls in consumer staples stocks. US markets were closed on Monday for a holiday, and the focus will be on whether Wall Street can maintain its recovery once trading resumes. The Dow Jones industrial average gained 4.5% last week, winning back more than half of the territory lost during a sharp downturn earlier in the month. "Whether other markets can continue their recovery depends to a large degree on how US stocks perform," said Masahiro Ichikawa, senior strategist ...
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