Inflation data from the world's three largest economies - China, the United States and euro zone - sets the tone for world markets this week, and Asia gets the ball rolling on Monday following the April figures out of Beijing at the weekend.The general market backdrop on Monday should be positive with a U.S. interest rate cut in September back on the cards, Wall Street revisiting recent peaks, European indexes at new highs, and China and Hong Kong pushing Asian stocks higher.
The full announcement, expected on Tuesday, will maintain existing tariffs on many Chinese goods set by former President Donald Trump, and will also add new tariffs to semiconductors and solar equipment. Also on Saturday, figures showed that new bank lending in China fell more than expected in April while broad credit growth hit a record low, underscoring how sluggish the economic recovery is and the need for more action from Beijing to rev it up.
While headline inflation has moderated recently, food prices, which account for nearly half the consumer price index basket, have remained elevated, squeezing household budgets.
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