Asia: Markets track Wall Street lower, China slashes growth target

[HONG KONG] Asian markets retreated on Tuesday as investors awaited fresh developments in the China-US trade talks, while Beijing lowered its growth forecasts for this year and unveiled massive tax cuts to support the stuttering Chinese economy.

Shares have enjoyed a blockbuster start to the year so far but OANDA senior market analyst Alfonso Esparza, said:"Trade optimism could only take the stock market so far. There was little major response early on from news that China had lowered its growth target for this year to 6.0-6.5 per cent, while announcing hundreds of billions of dollars worth of tax cuts for firms to stimulate the economy.Beijing will also increase spending, with the targeted fiscal deficit set to increase to 2.8 per cent of GDP, from 2.

In a speech at the open of China's annual rubber-stamp parliament, Premier Li Keqiang warned the country"will face a graver and more complicated environment as well as risks and challenges, foreseeable and otherwise, that are greater in number and size".However, Tai Hui, Asia-Pacific chief market strategist at JP Morgan Asset Management, said the latest target indicated the leadership had learned from the past.

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