SINGAPORE : Asian equities fell on Tuesday as the spotlight remained on China and its efforts to stabilise its stuttering post-pandemic economy, while traders awaited the outcome of a policy meeting of the Reserve Bank of Australia.MSCI's broadest index of Asia-Pacific shares outside Japan was 0.75 per ce
SINGAPORE : Asian equities fell on Tuesday as the spotlight remained on China and its efforts to stabilise its stuttering post-pandemic economy, while traders awaited the outcome of a policy meeting of the Reserve Bank of Australia.
A private-sector survey showed on Tuesday China's services activity expanded at the slowest pace in eight months in August as weak demand continued to dog the world's second-largest economy and stimulus failed to meaningfully revive consumption. "To be fair, China’s measures so far are a mere relaxation of over-regulation that can merely stop or slow down further damage, and not particularly stimulus actions that can reverse the damage," Chanana said.Investor focus will also be on China's largest private property developer, Country Garden. The company faces a deadline for making interest payments on two U.S. dollar bonds on Tuesday, days after dodging an onshore debt default with a last-minute payment extension deal.
Data on Friday showed U.S. job growth picked up in August, but the unemployment rate jumped to 3.8 per cent, while wage gains moderated. The slight cracks in the labour market further bolstered expectations that the Fed is likely done hiking rates.
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