SYDNEY : Asian shares slid on Monday after a raft of Chinese data showed a surprisingly sharp slowdown in the engine of global growth, just as much of the world races to stem the spread of the Delta variant of COVID-19 with vaccinations.
"China is in the midst of removing policy supports, which looks likely to restrain domestic demand growth and weigh on regional performance through the rest of this year," he added."With these drags building in recent weeks we have been lowering 2H21 regional growth forecasts." Chinese blue chips were hanging onto gains of 0.2per cent, perhaps in anticipation of a more aggressive policy easing from Beijing.
The dismal report and China's slowdown combined to pull 10-year Treasury yields down to 1.25per cent, a drop of 11 basis points in just two sessions. [US/] Kim Mundy, a senior currency strategist at CBA, argued the dollar could rally this week if minutes of the Federal Reserve's last policy meeting confirm a hawkish shift on tapering."We expect the FOMC to announce it will taper its monthly asset purchases in September if the August payrolls is strong," said Mundy.
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