TOKYO - Asian shares slipped on Thursday as a surprise deterioration in German and South Korean economic data rekindled fears of slowing global growth, while oil prices pulled back slightly after a sharp run-up earlier in the week.
The euro steadied after slumping to a 22-month low of $1.114 to the U.S. dollar overnight, driven by a drop in German business confidence which highlighted the divergence between data in the euro zone and the United States. Chotaro Morita, chief rates strategist at SMBC Nikko Securities, noted hopes that the Chinese economy is bottoming out have contributed to recent rallies in global equities.
The deteriorating reading on German business morale, in a survey by the IFO economic institute, bucked expectations for a small improvement. However, the U.S. yield curve steepened to its widest level since November at one time on Wednesday, which some investors took as a bullish sign for the economy. An inversion in the yield curve last month spooked some investors as it has preceded a recession in the past.
Red is the new green in China - better match your pictures with title ;)
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