TOKYO - Asia stocks inched up but remained near four-month lows on Monday amid concerns about U.S.-China tensions while the euro stayed in a narrow range after the weekend’s European Parliament elections.
European shares were expected to open modestly higher, with futures for Eurex EURO STOXX 50 index and Germany’s DAX ticking up 0.4 and 0.3 percent, respectively. The euro was a shade higher at $1.1209, holding within a tight $1.2272-$1.2754 range in what was a limited reaction to partial returns in the European parliament elections.
Macron’s Renaissance, built on the ruins of center-left and center-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 under 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.
China’s yuan rose to a 1-1/2-week high against the U.S. dollar on Monday, buoyed by a senior official’s warning not to bet against the Chinese currency.
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