LONDON/SYDNEY -Share markets fell slightly on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized.
"European equities have opened on a weaker footing owing to weaker economic data from China," said Aneeka Gupta, equity strategist at WisdomTree."The industrials and consumer discretionary sector led the declines.", which tracks the currency against six peers, was down very slightly at 101.68 after hitting a two-week high overnight. The U.S. currency climbed 0.55% against the yen to 146.96.
Chinese stocks lost 1.7%, led by losses in real estate after a survey showed home prices growth had slowed. Shares of New World Development, a major Hong Kong property developer, dived 14% after it estimated a net loss."We're always a bit cautious when we're trading at all time highs and when earnings expectations continue to be fairly lofty in the U.S. in particular," said said Carl Hammer, head of asset allocation at lender SEB.
The weak July jobs report helped spark a sell-off in global stocks at the start of August, although the S&P 500 has since rebounded to sit 0.4% off a record high.Pressure mounted on German Chancellor Olaf Scholz after the far-right Alternative for Germany won its first regional election.