Asian stocks trade mixed with slight weakness in Safe havens

Stock markets across Asia are trading mixed this Tuesday morning, despite a slight weakness in the classic safe haven assets amid signs of easing South Korea tensions.

Scorecard

At the time of writing, the Nikkei was up 40 points. Australia’s ASX 200 shed 58 points or 1% on account of the weakness in the iron ore prices and metal stocks. China’s Shanghai Composite was down 6 points or 0.20%.

Following North Korea’s failed missile test, China warned that tensions with US must not reach ‘irreversible’ stage. The US markets seem to have taken a heart from China’s strong words. This is evident from the rally in the US stocks on Monday, leading to weakness in the Japanese Yen and Gold.

Futures on the S&P 500 were steady. The index rose 0.9% on Monday, rebounding from a 1.1% loss last week. Meanwhile, gold slipped 0.4% to $1286.50/Oz levels. The yield on 10-year Treasuries increased close to one basis point to 2.26%, after rising one basis point from the lowest in about five months on Monday.