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Shares in Asia gain in cautious trade as U.S.-China eyed

Published 12/05/2016, 11:29 PM
Updated 12/05/2016, 11:31 PM
© Reuters.  Shares up in Asia

© Reuters. Shares up in Asia

Investing.com - Asian shares gained on Tuesday with investors cautiouss as friction between China and the U.S. appears on the rise after a series of tweets from U.S. president-elect Donald Trump on issues from the South China Sea to the exchange rate.

The Shanghai Composite Index edged up slightly, while Hong Kong's Hang Seng Index rose 0.75%.

Australia's S&P/ASX 200 rose 0.82% with strength in its materials sub-index, up 1.16%.

In Australia a narrower than seen current account deficit was shrugged off as the Reserve Bank of Australia held steady as expected at a record low 1.50% cash rate, while signalling concern over the Aussie's strength.

In Japan, average cash earnings rose 0.1%, less than the 0.2% gain seen year-on-year. Australia reported the third quarter current account deficit came in at A$11.4 billion, narrower than the A$13.7 billion gap expected. The Nikkei 225 rose 0.51%.

The yuan rose sharply against the dollar Tuesday after the People's Bank of China set a much stronger fixing -- the largest percentage gain in the fixing in six months -- following the decline in the US dollar index
overnight.

Overnight, U.S. stocks were higher after the close on Monday, as gains in the Financials, Basic Materials and Technology sectors led shares higher.

At the close in NYSE, the Dow Jones Industrial Average rose 0.24% to hit a new all time high, while the S&P 500 index added 0.58%, and the NASDAQ Composite index gained 1.01%.

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