Local shares managed to break a four-day losing streak yesterday but overall, it was a mixed day for regional markets. Nagging concerns over global trade kept investors wary while there were no leads from Wall Street, which was closed overnight for a public holiday.
There were also worries over emerging market currencies. The Argentine peso and Turkish lira have both suffered significant losses of value this year while closer to home, the Indonesian rupiah has fallen to its weakest level since the 1998 Asian financial crisis. Central banks in emerging markets are taking action, with plans to raise interest rates to steady their currencies and control inflationary pressures.