SINGAPORE : Bonds slipped, the dollar edged higher and Asia's stockmarkets made a shaky start to the second half on Friday, as investors grow increasingly nervous about the global economic outlook.
The S&P 500 closed out its worst first-half since 1970 overnight and the Treasury market has taken such a beating in the past six months that Deutsche Bank estimates the performance is the poorest in more than two centuries. "Many investors want a clear outlook," said Steven Wieting, chief investment strategist at Citi Global Wealth Investments, but the future does not present a steady, reliable recovery.
China is emerging from lockdown, has no inflation problem and this week factory activity data showed a welcome return to growth, with Caixin PMI data on Friday showing June brought the fastest expansion in manufacturing in 13 months. Among majors the dollar rose to $1.0469 per euro and was up about 0.3 per cent to $0.6883 on the Aussie.
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