Asian Stocks edge Higher Amid low risk Appetite; oil Firm

Asian stocks edged higher and the dollar consolidated recent gains on Tuesday though risk appetite was low as weak US markets prompted investors to stay on the sidelines. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 percent in early trade. Australia's benchmark index was up 0.3 percent. 

 

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As campaigning for the US presidential elections enters its home stretch and concerns about the Chinese economy deepen after weak trade data last week, risk aversion is broadly on the rise forcing investors to cut positions after a strong rally in risky assets in the third quarter of 2016. 

 

Daily portfolio flows to emerging markets declined sharply last week with the seven-day moving average declining to its lowest level since a surprise Chinese currency devaluation in August 2015, according to flows data from Institute of International Finance. An index measuring broad market volatility and risk appetite was trading above 16, adding to recent gains. A market volatility gauge for Hong Kong stocks was flirting with the 20 level.