Asia stocks stumble as China data disappoint

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Asian share markets slipped 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.

Nasdaq futures and S&P 500 futures were both down 0.2%. EUROSTOXX 50 futures fell 0.4% and FTSE futures 0.6%.

It also wiped out a week of gains for the dollar, sending it back to 92.517 against a basket of currencies from a near five-month top of 93.195. 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.

In Asia, the Malaysian ringgit fell to a one-year low on reports the country's Prime Minister was about to resign.

 

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