Asian stocks cautious as traders await Chinese data

A statue of a bull is displayed outside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen. File Picture: REUTERS/BOBBY YIP

Economists polled by Reuters expect industrial production in China to have risen 5.5% in May from 5.4% in April and believe retail sales increased 8.1% from 7.2% the previous month. “Risk assets have been struggling for direction as competing themes battle to decide the tone of global risk sentiment,” wrote strategists at ANZ.

Wall Street shares have had a strong run in June on hopes the Federal Reserve will ease monetary policy soon to counter pressure on the US economy from the escalating trade war. The S&P 500 index is up about 5% so far for the month. “There is a large degree of uncertainty going into next week’s FOMC [Federal Reserve Open Committee] meeting as market reaction will differ significantly depending on whether the Fed hints toward easing policy,” said Shusuke Yamada, chief Japan forex and equity strategist at Bank Of America Merrill Lynch.In commodities, Brent crude futures edged up 0.2% to $61.43 per barrel after rallying 2.3% the previous day.

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BUSINESS MAVERICK OP-ED: Call for government to open procurement data to public scrutinyPublic contracting is the meeting point of significant power and money and in most countries, these systems are characterised by convoluted, opaque planning. According to a recent report by the Open Contracting Partnership, up to 20% of state procurement budgets for infrastructure may be wasted. Opening procurement data will help support public participation and foster accountable governance.
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