Little in the way of fresh energy out there
LONDON — World shares stalled near a five-month high on Tuesday as China cut its growth targets to a 30-year low but added more stimulus, and a revived dollar headed for a fifth day of gains in the currency markets.
Asia had also struggled overnight after Beijing took the widely expected step to lower its growth target to 6 to 6.5 per cent from last year’s 6.5 per cent at the National People’s Congress. In currency markets, the dollar continued its recent return to form just as other major central banks have turned more cautious about lifting interest rates again, similar to the way the Federal Reserve did at the start of the year.
“The Bank of Canada are probably at the place where they are starting to feel concerned,” Charles St Arnaud, a senior investment strategist at Lombard Odier, said. Fatigue is clearly playing a role, though. MSCI’s All Country World Index ,which covers 47 economies and thousands of individual stocks, has now risen 16 per cent from its near two-year low on Dec. 26.
A media report on Monday had said that U.S. President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27, but Murray’s expectation is that tariffs will be maintained at current levels – not increased but not removed as some economists hoped.
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