SYDNEY, July 4 — Asian share markets started cautiously today as a run of soft US data suggested downside risks for this week’s June payrolls report, while the hubbub over...
SYDNEY, July 4 — Asian share markets started cautiously today as a run of soft US data suggested downside risks for this week’s June payrolls report, while the hubbub over possible recession was still driving a relief rally in government bonds.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.3 per cent, while Japan’s Nikkei added 0.9 per cent. “The current bear market has been entirely valuation-driven rather than the result of reduced earnings estimates,” he added. The payrolls report on Friday is forecast to show jobs growth slowing to 270,000 in June with average earnings slowing a touch to 5.0 per cent.
“But the market has also moved to price in an increasingly aggressive rate cut profile for the Fed into 2023 and 2024, consistent with a growing chance of recession,” noted analysts at NAB. The Japanese yen also attracted some safe haven flows late last week, dragging the dollar back to ¥135.00 from a 24-year top of 137.01.
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