Asian shares slipped on Monday as markets anxiously counted down to a likely cut...
SYDNEY - Asian shares slipped on Monday as markets anxiously counted down to a likely cut in U.S. interest rates this week with much riding on whether or not the Federal Reserve signals yet more are in the pipeline.
Data on the weekend showed profits earned by China’s industrial firms contracted in June, fuelling concerns that the bruising trade war will drag on economic growth. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6% in slow trade. Japan’s Nikkei dipped 0.2% and Shanghai blue chips 0.1%.
“The messaging will be key and will help markets determine whether the rate cut is just an “insurance cut”, or the Fed is embarking on a full easing cycle as the market currently prices in,” said Tapas Strickland, director of economics at NAB.
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