LONDON - Global stocks struggled to cling to recent gains on Tuesday and the dollar lingered with markets awaiting U.S. data and a slew of corporate and bank earnings for a fresh readout on the health of the world’s largest economy.
Asian markets had fared slightly better. MSCI’s Asia-Pacific ex-Japan index gained 0.3% as gains in South Korea and Taiwan offset losses in China’s blue-chip CSI300 index, still smarting from Monday’s tepid growth data. It showed the toll the Sino-U.S. trade war is taking, even as new data highlighted Beijing’s efforts to boost spending.
“The 2019 earnings season will be roughly zero growth ... unless we see broader economic growth recovery, we may not see material earnings growth again for quite some time.” Markets have fully priced in a 25-basis point cut by the Fed at its meeting at the end of this month. Also on the agenda is a vote to name Germany’s Ursula von der Leyen president of the European Commission. She could become the commission’s first female president, but her candidacy is being opposed by European Union socialist and liberal lawmakers.
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