Asian shares struggle to shake off China blues FMTNews FMTBusiness
Analysts anticipate the upcoming data on retail sales and industrial output to disappoint, keeping downward pressure on the yuan.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased another 0.2%, after shedding 2% last week. Japan’s Nikkei was off 0.1%, though exporters have drawn support from the weak yen. Adding to concerns about the deteriorating health of the country’s debt-laden property developers was news two Chinese listed companies had not received payment on maturing investment products from Zhongrong International Trust Co.
That followed losses on Friday when surprisingly high readings on US producer prices tested market optimism that inflation would cool enough to avoid further rate hikes.Figures on US retail sales this week are forecast to show a 0.4% 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 4.176%, after a rise of 12 basis points last week.
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