[HONG KONG] Asian markets were tempered on Thursday after two days of gains as doubts emerged over next week's US-China trade meeting. Read more at The Business Times.
Investors were also wary of a slump in manufacturing activity, amid signs of Eurozone business growth stalling."When this happens in September or October, it will trigger one of the most significant US dollar and US asset sell signals of the year," he added.
Analysts expect the European Central Bank to point to a rate cut in September, while markets are pricing in a reprieve from the Federal Reserve when it meets next week. "Equity markets continue a record run on the back of lower rates, and even the mighty Fed which hiked four times in 2018 is now ready to admit defeat and walk back its monetary policy with a rate cut in July," said Oanda senior market analyst Alfonso Esparza.
Hong Kong and Tokyo were both up 0.3 per cent in early trade, while Shanghai was 0.2 per cent higher. Sydney was up 0.4 per cent after Australian Prime Minister Scott Morrison vowed Canberra would be"one of the first cabs off the rank" in working towards a trade deal with Britain following its departure from the European Union.On currency markets, the pound pared back its rise after Boris Johnson took over as prime minister on Wednesday.
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