Asian shares sought a reprieve on Friday as Wall Street eked out gains, bonds ra...
SYDNEY - Asian shares sought a reprieve on Friday as Wall Street eked out gains, bonds rallied and oil boasted its biggest bounce on record, though a panicked rush into U.S. dollars suggested the crisis was far from done.
Sources told Reuters China was set to unleash trillions of yuan of fiscal stimulus to revive an economy facing its first contraction in four decades. The dollar’s surge is a nightmare for the many countries and companies that have borrowed heavily in the dollar, leading to yet more selling of emerging market currencies in a negative feedback loop.
MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.6%, while Australia’s beleaguered market rose 2.9%. Japan’s Nikkei went the other way and dipped 1%. This was a major relief as the collapse of crude prices had blown a huge hole in the budgets of many oil producers and forced them to dump any liquid asset to raise cash, with U.S. Treasuries a particular casualty.
“Such price action suggests significant market stress, particularly on the wide range of entities outside the U.S. that have borrowed in dollars,” said Richard Franulovich, head of FX“It could last until global capital flows and investor risk appetite normalises, possibly months away.”
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