SYDNEY : Asian shares slipped on Tuesday as relief at a rally on Wall Street was quickly soured by a slide in U.S. stock futures, while the euro held near one-month highs as odds narrowed on a July rate rise by the ECB.
Unfortunately, China's zero-COVID policy, with attendant lockdowns, has already done considerable economic damage. Early surveys of European and U.S. manufacturing purchasing managers for May due on Tuesday could show some slowing in what has been a resilient sector of the global economy. The hawkish message is likely to be driven home this week by a host of Fed speakers and minutes of the last policy meeting due on Wednesday.
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