Asian stocks wobbled on Tuesday as investors held tight ranges awaiting clues on the interest rate outlook and wary of risks about China’s shaky economic recovery and developments in Russia after an aborted mutiny. | Reuters
The Dow Jones Industrial Average fell 0.04 percent, the S&P 500 lost 0.45 percent and the Nasdaq Composite dropped 1.16 percent.
Hang Seng Index and China’s benchmark CSI300 Index opened up 0.3 percent and 0.1 percent, respectively, shaking off losses from the past four sessions. It was the first time a global credit ratings agency has cut China’s forecast this year and follows lowered predictions by major investment banks including Goldman Sachs.Redmond Wong, market strategist Greater China at Saxo Markets, said investors are also closely watching end-of-quarter rebalancing flows in U.S. stocks
Geopolitical turmoil also dampened risk appetite following an aborted mutiny in Russia on the weekend, which appeared to reveal cracks in President Vladimir Putin’s grip on power.“Although the situation has subsided, any subsequent insurrection against Russia remains a potential cause for concern, potentially triggering a defensive reaction in safe-haven assets,” said Alves of ActivTrades.
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