Sydney — Asian shares drifted off on Wednesday as anxious investors awaited more earnings reports from corporate America, while the dollar held firm in the wake of robust US retail data and a Brexit-driven dive in the pound.
The fallout of the year-long trade dispute was apparent in data from Singapore, where exports sank by the most in six years in June led by a steep drop in electronics. Yet, it barely budged market wagers on a Federal Reserve rate cut in July, with Chicago Fed president Charles Evans touting 50 basis points of easing.“We do not expect these solid [retail] results to impact the Fed’s decision to cut rates at the end of the month,” said Michelle Girard, chief US economist at NatWest Markets.
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