European equities dipped on Tuesday, taking cues from tech-led declines on Wall Street rather than building on stimulus-fueled gains in China, while the Australian dollar slid as the central bank suggested rate cuts were finally approaching.
MSCI’s world share index was down 0.15% with Europe’s broad Stoxx 600 index off 0.3%, walking back some of its gains the previous day when news from China’s Politburo drove hopes of more accommodative policy in the world’s second-largest economy. Though Hong Kong stocks, which had a chance to react to the news on Monday, dipped on Tuesday, and the runaway rally in Chinese bonds, which extended on Tuesday to drive 10-year and 30-year yields to record lows suggests some investors doubt the pledges are going to lift long-run growth in China.
Elsewhere, the Reserve Bank of Australia, which has yet to join the global rate cutting cycle, left its cash rate unchanged at 4.35% as expected. That U.S. price data is the most important piece of global economic data this week. It is the last scheduled event that could possibly disrupt market expectations that the Federal Reserve will cut rates at its meeting next week.
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