Asian stocks range-bound as traders await progress in trade talks
Equities cling to narrow ranges as investors watch US-China trade negotiations for clues, while a weaker close on Wall Street caps gains
Tokyo — Asian stocks clung to narrow ranges on Wednesday as investors awaited fresh clues on the progress of US-China trade negotiations, with a weaker Wall Street finish capping broader gains. Robust US economic data supported the dollar, but its Australian counterpart slid after data showed the economy slowed more than expected in the fourth quarter. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.05%, while Japan’s Nikkei declined 0.6%. The Shanghai Composite index was up 0.3% as China’s state planner said the government will boost domestic consumption further in 2019. Beijing announced billions of dollar in tax cuts and infrastructure spending on Tuesday to reduce the risk of a sharper economic slowdown. Australian stocks added 0.7% as mining stocks climbed on the prospect of increased Chinese stimulus. Wall Street dipped on Tuesday as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the b...
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