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Asia stocks step back on tepid Wall Street, oil elevated


Added 05-14-18 09:03:02pm EST - “Asia stocks pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from U.S.-China trade optimism, while supply concerns kept crude oil prices near 3-1/2-year highs.” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Asia stocks step back on tepid Wall Street, oil elevated”. Below is an excerpt from the article.

TOKYO (Reuters) - Asia stocks pulled back on Tuesday, after an uninspiring performance on Wall Street eclipsed support from U.S.-China trade optimism, while supply concerns kept crude oil prices near 3-1/2-year highs.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.16 percent after rising 0.6 percent the previous day to its highest since late March.

Australian stocks inched up 0.05 percent, South Korea's KOSPI .KS11 shed 0.05 percent and Japan's Nikkei .N225 was flat.

Wall Street scraped out gains on Monday after weakness in defensive stocks offset optimism following U.S. President Donald Trump’s conciliatory remarks toward China’s ZTE Corp that helped calm U.S.-China trade tensions. [.N]

Investors in Chinese equities will likely rejig their exposure after MSCI, the U.S. index publisher, published its latest index weighting.

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