Asian shares fell on Tuesday as weak economic indicators and an intensifying Sin...
SHANGHAI - Asian shares fell on Tuesday as weak economic indicators and an intensifying Sino-U.S. trade war inflamed concerns about global growth, supporting safe-haven assets such as bonds.
Investor focus has shifted to monetary policy this week with Australia’s central bank cutting its cash rate to a record low on Tuesday, and India tipped to ease on Thursday. The ECB holds its next policy meeting on Thursday and is expected to keep settings unchanged though there is growing speculation it could shift to a more dovish footing.
Defying the regional selloff, Australian shares finished 0.19% higher, boosted by the Reserve Bank of Australia’s decision to cut its cash rate to 1.25%, a record low, in what could be the first in a series of stimulus measures.Underscoring slowdown concerns, a factory survey on Monday showed U.S. manufacturing growth eased in May to its weakest pace in more than two-and-a-half years, defying expectations for a modest rebound.
News of U.S. government plans to investigate the tech giants dragged down tech shares on Monday, driving the Nasdaq 1.61% lower to 7,333.02. The drop took the index more than 10% lower than its May 3 closing record.
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