Asia stocks stall at one-month lows as slowing China cuts rates

SYDNEY : Asian stock markets wallowed at one-month lows on Tuesday and the yuan struggled as China cut interest rates as another round of disappointing data underscored its economic malaise.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1 per cent to 509.12, not far from a one-month low on Monday of 506.3 as worry about China's frozen property sector swept across regional markets. "The chain reaction triggered by slumping new home sales may lead to a rising number of developers' defaults, a sharp contraction of government revenue, falling demand for construction materials, declining wages... weaker consumption, and faltering financial institutions."

Shares in under-pressure developer Country Garden bounced 5 per cent to HK$0.83. The once-sound developer is struggling to make debt repayments and its woes are a chilling signal for the broader market. In January 2020 the shares traded at HK$13. "The export news was heartening and bodes well for Japan’s continued trade competitiveness," said John Vail, chief global strategist at Nikko Asset Management in Tokyo, though he cautioned that domestic consumption indicators were soft.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia stocks stall, yuan slips as China cuts ratesSYDNEY : Asian stockmarkets were pinned near one-month lows on Tuesday as China cut short-term loan rates and reverse repo rates, with investors awaiting shopping and industrial output data for more news on the slowing of the world's second-biggest economy.Japan was the major exception to the falls, with
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »