Asia shares mixed, China cuts rates as data disappoints

8/15/2022 11:00:00 AM

Asia shares mixed, China cuts rates as data disappoints

Mktrep, Rep

Asia shares mixed, China cuts rates as data disappoints

Asian shares were mixed on Monday after China's central bank trimmed key lending rates as a raft of economic data missed forecasts and underlined the need for more stimulus to support the world's second largest economy.

Geopolitical risks remain high with a delegation of U.S. lawmakers in Taiwan for a two-day trip.read moreEUROSTOXX 50 futures added 0.4% and FTSE futures rose 0.5%. S&P 500 futures and Nasdaq futures were both down around 0.2% after last week's gains.

However, the S&P index is almost 17% above its mid-June lows and only 11% from all-time highs amid bets the worst of inflation is past, at least in the United States.PEAK INFLATION"The leading indicators we observe provide support for moderation with easing supply pressures, weakening demand, collapsing money supply, declining prices and falling expectations," said analysts at BofA.

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While in many countries consumers are spending, boosting the economy, consumers in China are saving. Foreign demand is decreasing because consumers are spending on fancy weekends (China's streets still don't look like Caribbean beaches).

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Geopolitical risks remain high with a delegation of U.S. Highs were in the mid 90s for Sunday afternoon. lawmakers in Taiwan for a two-day trip. The mental health workers say they want to see big improvements to meet record demand for mental health care. read more EUROSTOXX 50 futures added 0..4% and FTSE futures rose 0. The authors reviewed over 77,000 scientific articles about those diseases and climate hazards.

5%. Isolated thunderstorms are possible over the metro-area through this evening. S&P 500 futures and Nasdaq futures were both down around 0.2% after last week's gains. Expect showers and thunderstorms Monday through Wednesday. However, the S&P index is almost 17% above its mid-June lows and only 11% from all-time highs amid bets the worst of inflation is past, at least in the United States. PEAK INFLATION "The leading indicators we observe provide support for moderation with easing supply pressures, weakening demand, collapsing money supply, declining prices and falling expectations," said analysts at BofA. Strong thunderstorms are likely Monday afternoon and evening, with cells capable of producing heavy rain, leading to the risk of flash flooding, especially over burn scar areas..

"Key components of headline inflation, including food and energy are also at an inflection point. Both Wall Street and Main Street now expect inflation to moderate. Denver7 Weather Click here to watch the Denver7 live weather stream." The bond market still seems to doubt the Fed can manufacture a soft landing, with the yield curve still deeply inverted. Two-year yields at 3.26% are 42 basis points above those for 10-year notes .

Those yields have underpinned the U.S. dollar, though it did slip 0.8% against a basket of currencies last week as risk sentiment improved. The euro was holding at $1.

0249 , having bounced 0.8% last week, though it shied away from resistance around $1.0368. Against the yen, the dollar steadied at 133.23 after losing 1% last week.

"Our sense remains that the dollar rally will resume before too long," argued Jonas Goltermann, a senior economist at Capital Economics. "It will take a lot more good news on inflation before the Fed changes tack. The minutes from the last FOMC meeting and the Jackson Hole conference may well push back further against the notion that the Fed is 'pivoting'." The pullback in the dollar provided something of a reprieve for gold which was holding around $1,794 an ounce , having gained 1% last week. Oil prices eased as China's disappointing data added to worries about global demand for fuel.

The head of the world's top exporter, Saudi Aramco, said it is ready to ramp up output while production at several offshore U.S. Gulf of Mexico platforms is resuming after a brief outage last week. Brent slipped 99 cents to $97.16, while U.

S. crude fell 89 cents to $91.20 per barrel. Register now for FREE unlimited access to Reuters.com Register Reporting by Wayne Cole; Editing by Sam Holmes and Raju Gopalakrishnan Our Standards: .