Asian shares down due to political uncertainty and China data expectations, euro pressure

From Yahoo Finance: 2024-06-16 20:43:00

Asian share markets were mostly down due to political uncertainty in Europe and ahead of Chinese economic news. Analysts expect growth in China’s retail sales and industrial output to pick up in May. The People’s Bank of China may cut a key lending rate by 10 basis points. MSCI’s Asia-Pacific shares index was slightly lower. Japan’s Nikkei slipped 1.7%. S&P 500 and Nasdaq futures were flat to slightly up. Goldman Sachs raised their year-end target for the S&P 500. US retail sales data for May is expected to show growth. Federal Reserve policymakers will speak this week amidst market expectations of rate cuts. Central banks in Australia, Norway and the UK are likely to hold rates steady, but the Swiss National Bank may ease given the strength of the Swiss franc. Political uncertainty in France is causing market volatility and pressure on the euro. The European Central Bank has no plans for emergency purchases of French bonds. The euro remains weak against the dollar, while gold and oil prices are stable after recent fluctuations.



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