Asia stocks slip as China trims rates; Biden bows out

SYDNEY -Asian shares extended recent losses on Monday, getting little lift from a surprise rate cut by China's central bank, while Wall Street futures firmed in the wake President Joe Biden's decision to bow out of the election race.

"The rate cut is one step in the right direction. I expect more rate cuts to come after the Fed enters a rate cut cycle," said Zhang Zhiwei, president and chief economist of Pinpoint Asset Management. Online betting site PredictIT showed pricing for a victory by Donald Trump had fallen 4 cents to 60 cents, while Harris climbed 12 cents to 39 cents. California governor Gavin Newsom, another possible Democratic challenger, trailed at 4 cents."As Trump's polling results have lifted, markets have favoured positions that anticipate more trade barriers and possibly higher inflation," ANZ analysts said.

Also due are figures for advance gross domestic product that are forecast to show growth picking up to an annualised 1.9% in the second quarter, from 1.4% in the first. In currency markets, the dollar gave back a just a little of last week's safe haven gains as the euro edged up 0.1% to $1.0890. The dollar was flat on the Japanese yen at 157.51.

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Asia stocks fall as Biden drops presidential bid; China unexpectedly cuts interest rates'It is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President,” Biden wrote in a letter.
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