Mixed Chinese data and euro pressure lead to softer Asian share markets

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

Asian share markets were softer on Monday due to mixed Chinese economic news and political uncertainty in Europe. Chinese blue chips were down 0.2% despite retail sales rising 3.7% in May. Japan’s Nikkei slipped 1.7%. Eurostoxx 50 and FTSE futures bounced back. S&P 500 futures were steady. Analysts have raised year-end target for S&P 500 to 5,600.

The People’s Bank of China kept its one-year rate unchanged, following soft bank lending data. MSCI’s index of Asia-Pacific shares eased 0.1%. Japanese investors face a six-week wait for Bank of Japan’s next steps. EU markets rebounded after losses. S&P 500 futures remain steady. Nasdaq futures added 0.1%.

Federal Reserve policy makers are set to speak amid market expectations for rate cuts this year. French political uncertainty drives euro to a four-month low against the Swiss franc. Swiss National Bank might ease rates given strong franc. European Central Bank has no plans to stabilize French bond markets despite widening yield spreads.

Eurozone faces stability risks amid French election uncertainty. Euro stays low against dollar. Dollar firmer against yen. Gold holds at $2,325/ounce. Oil prices ease after 4% rally. Brent at $82.45/barrel, U.S. crude at $78.27/barrel. Markets await U.S. retail sales data and central bank decisions this week.



Read more at Yahoo Finance: Asia shares muted on mixed China data, euro pressure