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The yen retreated after the biggest jump since July and emerging-market stocks rose as investors assessed the impact from Donald Trump’s efforts to rework U.S. trade pacts and comments from U.S. Treasury Secretary nominee Steven Mnuchin on the dollar’s strength.
The dollar pared earlier losses sparked by Mnuchin’s commentsthata strong U.S. currency could have a negative short-term effect on the economy. Equities in Tokyo fell to the lowest of the year while the MSCI Emerging Markets Index headed toward a three-month high. Gold retreated after touching the highest since Novemberwhile oil climbed toward $53 a barrel. The yield on 10-year Australian bonds fell a second day.
While investors have been looking for details on campaign promises to boost growth and government spending, much of the incoming administration’s initial pronouncements targeted trade or pushed companies to invest more inside the U.S. President Trump promiseda “very major” border tax and signed an executive order to withdraw the U.S. from the Trans-Pacific Partnership deal.
“The first couple of days of the new presidency have seen the rhetoric weighted toward protectionist policies while little detail is yet available on stimulus measures,” said Ric Spooner, Sydney-based chief analyst at CMC Markets Asia Ltd.
Trump’s pro-growth campaign-trail pronouncements helped drive a rally in equities and the dollar after his November election victory. Those trades have been largely unwinding this month as investors assess whether the moves had pushed prices too far, too fast. Meanwhile, money managers are turning their focus to earnings from some of the world’s largest companies, with Alphabet Inc. and Alibaba Group Holding Ltd. among those reporting results this week.
(Bloomberg)
