SHANGHAI: Most Asian stock markets rose on Monday, but gains were limited as investors awaited U.S. retail sales data and corporate earnings to gauge the health of the world's biggest economy ahead of a likely U.S. rate cut later this month.
China's blue-chip CSI300 index fell 0.3per cent as investors fretted over slower growth in the world's second-largest economy and the impact of the Sino-U.S. trade war, even as new data highlighted Beijing's efforts to boost spending.AdvertisementThe Australian market shed 0.1per cent, unmoved by the release of dovish minutes from the Reserve Bank of Australia's July meeting.
U.S. data on Tuesday is expected to show that retail sales rose 0.1per cent in June, according to the median estimate of economists polled by Reuters. But a decline in net interest margin reported by Citigroup in its mixed quarterly report underlined risks for financial firms in a lower interest rate environment.
Signs of trade tensions weighing on corporate profits and the fading impact of tax cuts would underscore the U.S. Federal Reserve's concerns over slowing investment, he said. The quiet Asian trading session followed an equally subdued day on Wall Street, with the Dow Jones Industrial Average rising 0.1per cent, the S&P 500 gaining 0.02per cent and the Nasdaq Composite adding 0.17per cent.Signs of an improving economic situation in the United States have led to a steepening of the U.S. yield curve, led by higher longer-dated yields.
In the currency market, the dollar was up 0.09per cent against the yen at 108.00, and the euro ticked up 0.04per cent, buying US$1.1261.
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