SYDNEY : Most Asian share markets were subdued on Friday and the dollar held onto its gains from safe-haven flows, after soft economic data from U.S. and China magnified concerns of a global slowdown, although Japanese stocks outperformed. MSCI's broadest index of Asia-Pacific shares outside Japan slipped
SYDNEY : Most Asian share markets were subdued on Friday and the dollar held onto its gains from safe-haven flows, after soft economic data from U.S. and China magnified concerns of a global slowdown, although Japanese stocks outperformed.
China's bluechips eased 0.1 per cent in early trade although Hong Kong stocks eked out a small 0.2 per cent gain, helped by a 8 per cent jump in the e-commerce giant JD.com on its earnings beat and leadership changes. The data added confidence that Federal Reserve is almost certain to pause its rate hikes at its policy meeting in June, with futures markets continuing to price in cuts of about 78 basis points by the end of the year.
Banking fears reverberated overnight. PacWest again led declines in regional banks with a sharp fall of 23 per cent overnight, after it reported its deposits fell 9.5 per cent last week. The uncertainty around raising U.S. debt ceiling lingers. A meeting between U.S. President Joe Biden and top lawmakers that had been scheduled for Friday has been postponed to early next week, with the IMF warning that a U.S. default would have"serious repercussions" for U.S. economy.
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