Tuesday, 02 June 2020
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Asian shares struggle for traction as Fed cut fails to lift confidence

Asian shares wobbled on Wednesday and bonds held gains, as an emergency rate cut from the U.S. Federal Reserve did little to soothe investor fears over the coronavirus's widening fallout.

The surprise 50 basis point cut came with commentary highlighting the limits of monetary policy, and Wall Street indexes fell sharply, gold surged and the dollar sank.

The yield on benchmark 10-year U.S. Treasuries, which falls when prices rise, hit a once unimaginable low of 0.9060%.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan  edged 0.2% higher, after easing hopes drove gains on Tuesday.

Australia's S&P/ASX 200 index fell 1.2% and Japan's Nikkei was either side of flat in choppy trade.

Source : Reuters

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