Sydney — Asian shares slipped on Tuesday as relief at a rally on Wall Street was quickly soured by a slide in US stock futures, while the euro held near one-month highs as odds narrowed on a July rate rise by the European Central Bank.
Markets had taken some comfort from US President Joe Biden’s comment on Monday that he was considering easing tariffs on China, and from Beijing’s promises of stimulus.“Following disappointing April activity data, we have downgraded our China GDP forecast again and now look for 2Q GDP to contract 5.4% annualised, previously -1.5%,” analysts at JPMorgan warned. “Our 2Q global growth forecast stands at just 0.
Japan’s manufacturing activity grew at the slowest pace in three months in May amid supply bottlenecks, while Toyota announced a cut in its output plans. The European Central Bank is also turning more hawkish, with bank president Christine Lagarde surprising many by opening the door for a rate rise as early as July. That saw the euro at $1.0670, having bounced 1.2% overnight in its best session since early March. It now faces stiff chart resistance around $1.0756.
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