Markets struggle for direction despite upbeat China and Japan manufacturing data
Pedestrians wearing face mask walk past a quotation board displaying share prices of the Tokyo Stock Exchange in Tokyo, Japan, on March 30. Picture: AFP/KAZUHIRO NOGI
US GDP collapsed at a 32.9% annualised rate in the second quarter, the deepest decline on record, while jobless claims rose last week, adding to signs the momentum of economic recovery has slowed. After rising in early trade, MSCI’s broadest index of Asian shares outside Japan turned lower by late morning. It was last down 0.22%.
US stock markets, oil prices and the dollar slid on Thursday as the new data underscored the deep economic impact of the coronavirus and US President Donald Trump raised the possibility of delaying the November election. The greenback remains on course for its worst month in a decade, with the dollar index dropping 0.12% to 92.679.
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