Sydney — Asian share markets were struggling to sustain even a minor rally on Monday after shockingly weak data from China underlined the deep damage lockdowns are doing to the world's second-largest economy.The risks have been to the downside given new bank lending in China hit the lowest in nearly four-and-half years in April.
Chinese blue chips shed 0.4% in reaction, while commodity currencies took a knock led by the Australian dollar, which is often used as a liquid proxy for the yuan. Euro Stoxx 50 futures and FTSE futures went flat. S&P 500 stock futures lost early gains to ease 0.4%, while Nasdaq futures fell 0.3%.Sky-high inflation and rising interest rates saw US consumer confidence sink to an 11-year low in early May and raised the stakes for April retail sales due on Tuesday.
“We expect that the recent tightening in financial conditions will persist, in part because we think the Fed will deliver on what is priced.” The pullback saw the dollar come off a two-decade top, though not by much. The dollar index was last at 104.560, and within spitting distance of the 105.010 peak.
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