Asian equities trade on the back foot on the last trading day of the month on geopolitical risks.
The MSCI Asia Pacific Index edged lower after climbing for six straight sessions. Japan’s Nikkei fell 44 points as the bullish momentum in the Dollar-Yen pair ran out of steam. Shanghai Composite Index dipped 11 points, but remained above the 200-DMA line of 3135 levels.
Geopolitical tensions resurfaced by after President Trump said there is a chance of a “major, major” conflict with North Korea.
Despite the pullback today the regional benchmark index is still set to end higher for the fourth straight month.
On the data front, the preliminary US GDP due later today is expected to show the economy expanded at a 1% annualised rate in the first quarter, the weakest pace in a year.