SYDNEY : Asian shares struggled on Monday ahead of China data that is likely to amplify the case for serious stimulus even as Beijing seems deaf to the calls, while rising Treasury yields lifted the dollar to a 2023 peak on the embattled yen.Geopolitics was an added worry after a Russian warship on Sunday
SYDNEY : Asian shares struggled on Monday ahead of China data that is likely to amplify the case for serious stimulus even as Beijing seems deaf to the calls, while rising Treasury yields lifted the dollar to a 2023 peak on the embattled yen.
Chinese blue chips lost 1.1 per cent, on top of a 3.4 per cent decline last week, amid a string of disappointing economic news culminating in a dire report on new bank loans in July. China's Country Garden, the country's top private property developer, is also set to suspend trading of its 11 onshore bonds from Monday.That followed losses on Friday when surprisingly high readings on U.S. producer prices tested market optimism that inflation would cool enough to avoid further rate hikes.Figures on U.S. retail sales this week are forecast to show a 0.4 per cent pick up in spending, with risks on the high side thanks in part to Amazon's Prime Day.
Minutes of the Fed's last meeting are due on Wednesday and could show members wanted to keep their options open on further hikes."The motivation for cutting outside of a recession would be to normalise the funds rate from a restrictive level back toward neutral once inflation is closer to the target," they wrote in a note.
The resilience of the economy combined with a truly massive government borrowing requirement kept 10-year Treasury yields up at 4.18 per cent, after a rise of 12 basis points last week.
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Asia shares struggle to shake off China bluesSYDNEY : Asian shares struggled on Monday ahead of China data that is likely to amplify the case for serious stimulus even as Beijing seems deaf to the calls, while rising Treasury yields pressured sky-high valuations on tech stocks and underpinned the dollar. Geopolitics was an added worry after a Russia
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