Asian shares retreat, China cuts growth target GlobeSmallBiz
Premier Li Keqiang also said the country sees a budget deficit of 2.8 percent of GDP and the Finance Ministry set the quota for local government’s special bond issues at 2.15 trillion yuan, 0.8 trillion yuan above last year’s quota.
“Since those funds will be solely used for infrastructure investments, you cannot avoid the impression that the government is relying on investments to support the economy in the short-term rather than de-leveraging. This could cause problems in the longer term.” An unexpected fall in U.S. construction spending, data that normally attracts little attention, was cited as a factor.MSCI’s World index,, a gauge of 23 developed markets, has risen 16.6 percent from its near two-year low set on Dec. 26 low, even as the earnings outlook stagnated, driven by hopes of a dovish Fed and a compromise between Beijing and Washington on trade.The index is now trading at 14.
The 10-year U.S. Treasuries yield dropped to 2.724 percent after touching from six-week highs of 2.768 percent in the past two sessions.
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