Asia stocks, yuan slump as data dashes China hopes

SINGAPORE : China's yuan hit a six-month low and Asia's stockmarkets staggered toward a second month of losses on Wednesday as weak factory activity figures offered the latest evidence that recovery in the world's second-biggest economy is faltering.

The yuan dropped 0.3 per cent to 7.1090 per dollar after that - a level not seen since the country was under tight public health restrictions in November last year. Aussie stocks are eying their worst day since March and a monthly drop of 2.7 per cent. A tourism-led rally for Thailand's baht and stock index has also failed to arrive.

Data from Australia showed an unexpected rise in consumer prices and came with a warning from the central bank chief of pain ahead - prompting traders to nudge up the chances of another rate hike there next week. Treasuries rallied after the initial deal was struck, on the expectation a U.S. default would be averted, but the market remains skittish as once authorised to borrow the Treasury is likely to issue lots of debt to replenish its coffers.

Nederland Laatste Nieuws, Nederland Headlines

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Asia stocks slump to monthly loss as China data disappointsSINGAPORE : Asia's stockmarkets slid toward a second month of losses in a row on Wednesday, and even the glittering Nikkei paused, as weak Chinese factory activity fed growing doubts about the post-pandemic recovery in the world's second biggest economy.MSCI's broadest index of Asia-Pacific shares outside
Bron: ChannelNewsAsia - 🏆 6. / 66 Lees verder »