SYDNEY : Asian share markets were choppy on Monday as a slew of Chinese economic data confirmed the deadening effect of coronavirus restrictions on consumer spending, prompting Beijing to again ease monetary policy.
Industrial output did fare better and the economy as a whole grew a little above forecasts at 4.0per cent in the fourth quarter."The cut was larger than expected, suggesting that the authorities have become more preoccupied about weakness in the economy," said Carlos Casanova, senior Asia economist at Union Bancaire Privee in Hong Kong.
The main feature of the market recently has been a rotation into value stocks and away from growth, particularly technology. The S&P 500 information technology sector, which accounts for nearly 29per cent of the index, has shed 5.5per cent this year. Yields on cash 10-year Treasuries climbed to their highest in a year at 1.8per cent last week, while the implied yield on futures jumped to 1.86per cent on Monday.A Bank of Japan policy meeting this week will bear watching given talk it will revise up its outlook for growth and inflation, while sources told Reuters policy makers were debating how soon they could start telegraphing an eventual interest rate hike.
The euro was a shade lower at $1.1404, while rising bond yields helped the dollar index inch up to 95.258 and away from a 10-week trough of 94.626 hit on Friday.
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