{"id":87175,"date":"2018-08-14T07:18:44","date_gmt":"2018-08-14T07:18:44","guid":{"rendered":"http:\/\/www.bnreport.com\/asia-tries-to-find-its-footing-china-disappoints\/"},"modified":"2018-08-14T07:18:44","modified_gmt":"2018-08-14T07:18:44","slug":"asia-tries-to-find-its-footing-china-disappoints","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/asia-tries-to-find-its-footing-china-disappoints\/","title":{"rendered":"Asia tries to find its footing, China disappoints"},"content":{"rendered":"

SYDNEY: Asian share markets fought to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed, though sentiment took a fresh knock when Chinese economic data proved softer than expected. <\/p>\n

Retail sales, industrial output and urban investment all grew by less than forecast in July, a trifecta of disappointment that underlined the need for more policy stimulus in China. <\/p>\n

The Shanghai<\/a> blue chip index was off 0.6 per cent and weighing on MSCI<\/a>'s broadest index of Asia-Pacific shares outside Japan which eased 0.2 per cent. <\/p>\n

Japan's Nikkei held onto its early 1.1 per cent gain, while Australian stocks added 0.8 per cent. EMini futures for the S&P 500 were still a fraction firmer, while 10-year Treasury yields held at 2.88 per cent. <\/p>\n

Investors had been encouraged that falls on Wall Street were only minor overnight. The Dow ended Monday down 0.5 per cent, while the S&P 500 lost 0.40 per cent and the Nasdaq 0.25 per cent. <\/p>\n

Turkey's lira found a moment's respite at 6.9250 per dollar after the country's central bank said it would provide liquidity and cut reserve requirements for banks. <\/p>\n

Yet it still lost almost 10 per cent on Monday alone and has shed more than two-fifths of its value so far in 2018. <\/p>\n

The rot spread to the South African rand and the Argentine peso. Argentina's central bank surprised by raising interest rates by 5 per centage points on Monday, but it was still not enough to stop the peso hitting a record low. <\/p>\n

GOLD LOSES ITS LUSTRE<\/strong> <\/p>\n

JPMorgan economist David Hensley argued that strains in most other emerging markets (EM) would be contained. <\/p>\n

"Negative developments in Turkey will likely be eventually seen, along with Argentina, as isolated given their exceptional external imbalances compared to most EM countries," he said. <\/p>\n

"Nonetheless, we are mindful of political risk elsewhere in the EM involving Russia as well as Brazil, Mexico, and even India." <\/p>\n

For now, concerns about the exposure of European banks to Turkey pushed up bond yields in Spain and Italy and hobbled the euro. The single currency was last at $1.1405, having touched its lowest since July 2017 on Monday. <\/p>\n

It also reached one-year lows on the yen and Swiss franc, traditional safe harbours in times of stress. <\/p>\n

The dollar steadied at 110.75 yen, having hit a six-week trough around 110.11 on Monday. Against a basket of currencies, the dollar was a shade softer at 96.314. <\/p>\n

In commodity markets, gold looked to have lost its safe-haven halo and slid to its lowest since late January 2017. It was last down at $1,1194.20 an ounce. US government data out last week showed that gold speculators had lifted their bearish bets to a record. Holdings of the largest gold-backed exchange-traded fund, New York's SPDR Gold Trust GLD, have dropped about 10 per cent from their April peak and are at their lowest since February 2016. Oil prices rose after a report from OPEC<\/a> confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply. <\/p>\n

Brent gained 26 cents to $72.87 a barrel, while US crude added 28 cents to $67.48. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf]
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\n <\/p>\n

ET Markets<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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