From Yahoo Finance: 2024-05-12 21:45:00

Asian stocks dropped after signs of slack in China and US President Joe Biden’s plans to raise tariffs on some Chinese goods. Equity benchmarks in Hong Kong, Shanghai, Australia, and Japan declined, with Japanese bonds falling as well. Biden plans to increase tariffs on Chinese goods, including electric vehicles, industrial prices in China are down, and credit shrank for the first time in April. Global investors are watching for signals from US officials on interest rates, with Fed Bank of Dallas President Lorie Logan saying it’s too early to lower borrowing costs. The US April inflation print on Wednesday will be a major trading catalyst. President Vladimir Putin replaced his defense minister, oil edged lower, and gold was unchanged. The US has escalated concerns over Israel’s Gaza offensive, warning of a possible Hamas insurgency. This week, China has a policy rate decision, the Eurozone will report inflation and growth figures, and Fed officials, including Powell, will speak. Australian jobs data is due, and the nation’s government will deliver spending plans for the year ahead. Stocks in S&P 500 futures were little changed, while currencies saw minimal movement. Bitcoin rose slightly, WTI crude fell, and gold was stable.



Read more at Yahoo Finance: Asian Shares Fall on Weak China Data, Tariff Fears: Markets Wrap