Agency StaffTokyo— Asia stocks hovered near four-month lows on Monday amid concerns about US-China tensions while the euro was confined to a narrow range after the weekend’s European Parliament elections.
Wall Street’s major indexes edged higher on Friday in a rebound from the previous session’s losses after comments from US President Donald Trump on trade relations with China provided markets a bit of a respite. France President Emmanuel Macron’s Renaissance, built on the ruins of centre-left and centre-right parties, added to gains for liberals at the EU level as turnout bounced sharply across the bloc. Along with a surge for the Greens, that meant four groups occupying the pro-EU middle ground lost fewer than 20 seats, securing 505 seats out of 751.
A centrist, pro-EU coalition would still be possible in the new chamber that will sit for the first time on July 2. But it would be more difficult to piece together among more numerous partners, according to the European Parliament’s estimates.“It’s difficult to foresee what will happen to Brexit, the political situation in Italy and elections in Greece just by looking at the vote count,” said Shin Kadota, senior strategist at Barclays in Tokyo.
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