TOKYO (Reuters) - Asian stocks wobbled on Tuesday as simmering worries over the U.S.-China trade conflict offset positive leads from earnings-led gains on Wall Street.
People walk past an electronic board showing Japan's Nikkei average outside a brokerage in Tokyo, Japan, March 23, 2018. REUTERS/Toru Hanai/File Photo
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.05 percent.
The index dipped early and struggled to gain traction amid volatility in Chinese stocks. The Shanghai Composite Index .SSEC rose over 0.6 percent in early trade following a four-day losing run. It was last up 0.1 percent.
Australian stocks dipped 0.25 percent, South Korea's KOSPI .KS11 rose 0.2 percent and Japan's Nikkei .N225 added 0.25 percent.
The three major U.S. stock indexes closed higher on Monday amid a strong U.S. earnings season, with results from Berkshire Hathaway (BRKa.N) impressing and Facebook (FB.O) lifting the Nasdaq .IXIC after a report it was planning new services. [US/]
“Global markets are (being) buffeted by conflicting currents. The bottom-up view of the world from a corporate perspective is positive, led by U.S. companies,” wrote Michael McCarthy, chief market strategist at CMC Markets.
“However, the increasing potential for trade disputes to slow the global economy is restraining investor enthusiasm.”
The dollar drew support from the persistent international trade tensions. Its index against a basket of six major currencies .DXY rose to a near three-week high of 95.515, before pulling back slightly to 95.347.
Some analysts see the trade conflict benefiting the U.S. dollar as the nation’s economy is better placed to handle protectionism than emerging markets, and as tariffs may narrow the U.S. trade deficit.
Weakness in its peers further bolstered the dollar.
