Asian stocks see relief—rally from Brexit-shock

Sentiment across the Asian markets recovered from Friday’s Brexit-backed shock, with most major Asian indices staging a modest rebound amid yet another unexpected Yuan devaluation by the Chinese central bank this Monday.

The recovery attempt in the Japanese stocks was capped by a higher yen across the board on renewed risk-off wave, after the markets were spooked by Yuan weakening to the lowest levels since Jan 2011.

Further, weaker oil prices weigh on the energy and resource stocks on the region’s indices, thus, restricting further upmoves.

Nikkei leads Asia rebound

The Japanese benchmark index, the Nikkei 225 jumps +1.39% to 15,160, pressured by a weaker USD/JPY at 101.72 levels, down -0.50% so far. The Australian markets also trade higher, with the ASX 200 index up 0.24% at 5,125.

The Chinese equities also follow suit on the back of a major Yuan devaluation, with the benchmark Shanghai Composite index advancing +0.52% below 2,900 levels; the CSI300 index also gains 0.53%. Contrarily, Hong Kong’s Hang Seng drops -0.88% to trade ahead of 20k mark.