SYDNEY : Asian shares were sluggish on Monday as disappointing Chinese economic data fed doubts Wall Street's rally could be sustained, while the dollar continued its retreat on the yen as speculators were forced out of suddenly unprofitable short positions.
At the same time U.S. data out Friday showed stubbornly high inflation and wages growth, while central banks in the UK, Australia and India are all expected to hike again this week. Chinese blue chips were flat, while Japan's Nikkei eked out a gain of 0.4 per cent and South Korea 0.3 per cent. "Moreover, bear markets always ended after the Federal Reserve cut, which likely is at least six months away - BofA house view is for a first cut in 3Q23."Bond markets have also been rallying hard, with U.S. 10-year yields falling 35 basis points last month for the biggest decline since the start of the pandemic. Yields were last at 2.660 per cent, a long way from the June top of 3.498 per cent.
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