BENGALURU: Tensions over a planned U.S. ban on major Chinese apps kept most Asian markets subdued on Friday, with Philippine stocks suffering an added blow from a jump in coronavirus infections that made its caseload the highest in Southeast Asia. C
BENGALURU: Tensions over a planned U.S. ban on major Chinese apps kept most Asian markets subdued on Friday, with Philippine stocks suffering an added blow from a jump in coronavirus infections that made its caseload the highest in Southeast Asia.
Worries about whether China would retaliate through trade restrictions dented most currencies in early trade, with the Malaysian ringgit, often seen as a proxy for China's yuan, and trade-sensitive Singapore dollar and South Korean won all down. "While Asian FX including the yuan have been supported by dollar weakness lately, USD/Asia may at the least be in for some short-term consolidation if not an outright increase in pressure as tensions worsen."
Philippine equities closed 1% lower after the country recorded a surge in infections late on Thursday, overtaking Indonesia as the worst-hit country in Southeast Asia.
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