SYDNEY, Aug 9 — Asian shares wobbled today amid sharp losses in gold and oil prices, while the dollar held near four-month highs after an upbeat US jobs report lifted bond yields.
Chinese trade data out over the weekend undershot forecasts, though figures due later today should show inflation is no barrier to more policy stimulus. “There is not a lot of disagreement on a taper announcement coming sometime between September-December followed by actual tapering sometime between November and January,” said Rodrigo Catril, a senior FX strategist at NAB.
Figures for July CPI due this week are also expected to confirm inflation has peaked, with prices for second hand vehicles finally easing back after huge gains.In the meantime, stocks have been mostly underpinned by a robust US earnings season. BofA analysts noted S&P 500 companies were tracking a 15 per cent beat on second quarter earnings with 90 per cent having reported.
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