Asian shares
turned higher on Tuesday, reversing earlier losses on the back of gains
in Hong Kong and China, while the dollar extended highs scaled in
holiday-thinned trading in the previous session and pushed to an
eight-year high against the yen.
But
European markets were seen opening broadly lower on the first day of
the trading week for several countries after a holiday weekend, with
Greece's ongoing debt drama in focus and after a poor local election
result for Spanish Prime Minister Mariano Rajoy.
Financial spreadbetters expected Britain's FTSE 100 .FTSE to open 4 to 8 points higher, or around 0.1 percent, Germany's DAX .GDAXI to open 40 to 45 points lower, or 0.4 percent, and France's CAC 40 .FCHI to open 14 to 17 points lower, or 0.3 percent.
"A bright spot for European equities could come from a weaker euro as EUR/USD is now below 1.1000 and could come under further selling pressure," Stan Shamu, a market strategist at IG in Melbourne, said in a note to clients.
European shares
had a weak finish in thin trade on Monday, with many markets in the
region closed. U.S. markets were closed for Memorial Day. MSCI's
broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was
up 0.4 percent in late afternoon trade, after eking out a late gain in
the previous session. Australian shares .AXJO rose 0.9 percent.
Hong Kong's Hang Seng index .HSI jumped 1.3 percent, flirting with seven-year highs, on expectations of more money inflows from the mainland following Beijing's fresh moves to expedite cross-border investment.
Mainland bourses also rose, with the CSI300 Index .CSI300 and the Shanghai Composite Index .SSEC both rising 1.6 percent to fresh seven-year highs
China announced over the weekend that it would allow funds domiciled in Hong Kong and China to be sold in each others' market starting July 1, in Beijing's latest step to facilitate cross-border investment.
Japan's Nikkei stock index .N225 ended up 0.1 percent, logging its eighth straight gain and closing at a fresh 15-year high, though some strategists said that investors might start taking profits at the current lofty levels.
Yellen said she expected economic data to strengthen and noted that some of the U.S. economy's weakness at the start of the year might be due to "statistical noise." The dollar index .DXY rose as high as 96.734, and was last up about 0.7 percent at 96.719.
Fed Vice Chair Stanley Fischer said in Israel on Monday that too much importance was being placed on the central bank's first rate hike, and that the process of returning to more normal levels of interest rates will take a few years.
Financial spreadbetters expected Britain's FTSE 100 .FTSE to open 4 to 8 points higher, or around 0.1 percent, Germany's DAX .GDAXI to open 40 to 45 points lower, or 0.4 percent, and France's CAC 40 .FCHI to open 14 to 17 points lower, or 0.3 percent.
"A bright spot for European equities could come from a weaker euro as EUR/USD is now below 1.1000 and could come under further selling pressure," Stan Shamu, a market strategist at IG in Melbourne, said in a note to clients.
European shares
had a weak finish in thin trade on Monday, with many markets in the
region closed. U.S. markets were closed for Memorial Day. MSCI's
broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was
up 0.4 percent in late afternoon trade, after eking out a late gain in
the previous session. Australian shares .AXJO rose 0.9 percent.Hong Kong's Hang Seng index .HSI jumped 1.3 percent, flirting with seven-year highs, on expectations of more money inflows from the mainland following Beijing's fresh moves to expedite cross-border investment.
Mainland bourses also rose, with the CSI300 Index .CSI300 and the Shanghai Composite Index .SSEC both rising 1.6 percent to fresh seven-year highs
China announced over the weekend that it would allow funds domiciled in Hong Kong and China to be sold in each others' market starting July 1, in Beijing's latest step to facilitate cross-border investment.
Japan's Nikkei stock index .N225 ended up 0.1 percent, logging its eighth straight gain and closing at a fresh 15-year high, though some strategists said that investors might start taking profits at the current lofty levels.
Yellen said she expected economic data to strengthen and noted that some of the U.S. economy's weakness at the start of the year might be due to "statistical noise." The dollar index .DXY rose as high as 96.734, and was last up about 0.7 percent at 96.719.
Fed Vice Chair Stanley Fischer said in Israel on Monday that too much importance was being placed on the central bank's first rate hike, and that the process of returning to more normal levels of interest rates will take a few years.
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