Asia stocks dip after poor U.S. data stokes recession fears

TOKYO - Asian stocks dipped early Wednesday after poor U.S. economic data stoked global recession fears and further soured investor sentiment already hurt by heightened trade war concerns.

The U.S. manufacturing sector contracted in August for the first time since 2016 amid worries about a weakening global economy and rising trade tensions between China and the United States, the Institute for Supply Management’s report on Tuesday showed. According to CME’s FedWatch tool, traders have almost fully priced in a 25 basis point interest rate cut at the Fed’s Sept. 17-18 policy meeting while expectations for another 25 bp reduction being implemented at the October meeting have risen to 61% from 53% over the past month.

Sterling was last at $1.2090 after falling on Tuesday to $1.1959, the lowest level since October 2016.

Stop stealing the West's intellectual property China 👎

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.

Asian stocks mixed after US, Chinese tariff hikesBEIJING (AP) — Asian stocks were mixed Monday after Washington and Beijing escalated their trade war with new tariff hikes. Shanghai advanced while Tokyo and Hong Kong declined. South... want to visit Shanghai
Source: AP - 🏆 728. / 51 Read more »

Asian stocks mixed after US, China impose new tariff hikesMost Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in.
Source: trtworld - 🏆 101. / 63 Read more »

Asia stocks dented by trade war, Brexit showdown paralyses poundUS bond yields up slightly after sharp fall in August, while European shares seen dipping slightly. Meanwhile, pound sterling drops to just below $1.2, its lowest level since January 2017.
Source: trtworld - 🏆 101. / 63 Read more »