Asian shares consolidate gains as investors see China's yuan rebound as offering modest olive branch to US amid resurgence in trade tensions
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, May 6, 2020.
President Donald Trump, running for re-election in the midst of a slump that has thrown more than 20 million Americans out of work, said on Tuesday he wants the US economy to reopen but acknowledged some people will be "badly affected"."The view that the benefit outweighs the costs had invited the market to largely shrug off the concerns here," despite Trump's "acknowledgement of more fatalities," said Jingyi Pan of IG in a report.
Technology and healthcare stocks accounted for much of the gains, which followed a strong showing in overseas markets. Still, the deputy chairman of the US Federal Reserve, Richard Clarida, said on Tuesday the economy needs more support from the central bank and possibly additional government spending before it can recover.
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