Chinese blue chips lead the way with gains of 2%, with central bank providing more medium-term loans
Sydney — Asian shares firmed towards recent peaks on Monday as Chinese markets swung higher, while investors waited to see if the recent sell-off in longer-dated US Treasuries would extend and maybe take some pressure off the beleaguered dollar.
Japan’s Nikkei dipped 0.6% after touching a six-month peak on Friday, as the country suffered its biggest economic contraction on record in the second quarter.The US second-quarter earnings season wraps up with the major retailers reporting this week, including Walmart, Home Depot and Kohls. US crude oil shipments to China will rise sharply in coming weeks, as the world’s two top economies gear up to review their January deal after a prolonged trade war.
“Market participants will be looking for insight into the details and exact timing of when the Fed’s monetary policy review will be completed, and for more clarity with respect to the potential timing and structure of any changes to forward guidance,” noted analysts at NatWest Markets. The lift in yields gave the dollar some respite after weeks of losses. Against a basket of currencies the dollar was a fraction lower at 93.035, still uncomfortably close to the recent trough of 92.521.
“Greater Eurozone fiscal solidarity, real two-year swap rate differentials and relative central bank balance sheet trends between the Eurozone and the US suggest the fundamental uptrend in EUR/USD is intact,” Haddad said.
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