Asian shares slip as China optimism fades; RBA in focus By Reuters

Asian shares slip as China optimism fades; RBA in focus

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.

"The miss in China's Caixin services PMI has offset some of the sentiment shift we got yesterday," said Charu Chanana, market strategist at Saxo in Singapore. With the recent decline in inflation and a slight rise in unemployment in Australia, all but two of 36 economists polled by Reuters said the RBA would hold its official cash rate at 4.10%, in line with interest rate futures pricing."While the chances of another and almost certainly final rate hike have diminished, we aren’t totally ruling out one more before the year-end," ING economists said in a note.The U.S. markets were closed on Monday, leading to light trading volume.

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