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Asian equities dive
On Tuesday, Asian equities headed south along with crude prices due to the fact that downbeat mood about world surge drove traders away from risky assets. Meanwhile, the UK currency dipped against the backdrop of the latest twists and turns in the everlasting Brexit saga.
On Monday, Chinese shares demonstrated a shaky start after the Chinese cabinet informed that 2018 surge in the world's number two economy speeded down to its weakest tempo for 30 years. Contributing to the air of caution, the International Monetary Fund reduced its global surge estimates and a survey disclosed strengthening downbeat mood among business chiefs as trade tensions escalated.
The downbeat news highlighted the challenges experienced by policymakers worldwide as they handle a range of current or potential crises, ranging from Brexit to US-China trade clashes.
Spreadbetters indicate another dismal start for the EU. As a matter of fact, FTSE futures headed south by 0.2%, while American stock futures headed south by 0.7%.
In Asia, losses were mainly driven by Chinese equities, with the blue-chip index CSI300 diving by 1.2%. The Hang Seng index lost over 1% in Hong Kong, while Australia's major share index AXJO headed south by 0.5%.
MSCI's index of Asia-Pacific equities went down by 0.9%, rebounding from a recent seven-week maximum.
Japan's Nikkei N225 that had started firmer inched down by 0.7%.
On Monday, American markets were unavailable for a holiday. Therefore, trading was mostly subdued overnight. Nevertheless, equity prices in the European bloc and Latin America went down on the dismal Chinese data.
Those concerns sent copper prices down because the given metal is utilized in vehicles and electrical wires.
Besides this, the Australian dollar, often utilized as a liquid proxy for China investments, declined by 0.3% ending up with $0.7134, thus demonstrating a third losing session in a row.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…