SYDNEY: A gauge of Asian stocks pared early gains on Monday amid souring relations between China and the United States, with Hong Kong shares extending losses on mounting fears about future stability in the city.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1% after starting higher with China's blue-chip CSI300 index down 0.2%.South Korea, Australia and New Zealand were trading higher while E-minis for S&P500 were also slightly upbeat.jumped 1.5% after the Nikkei newspaper reported the country was considering a fresh stimulus package worth over $929 billion that will consist mostly of financial aid programmes for companies hit by the coronavirus pandemic.
Global equity markets have surged around 30% since hitting a low in early March, driven largely by policy stimulus. Governments across countries have also announced heavy spending to support economic growth. But optimism around economic re-openings and stimulus is fading. The U.S. Commerce Department responded by adding 33 Chinese companies and other institutions to a blacklist for human rights violations and to address U.S. national security concerns.
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