(Bloomberg) -- Asian markets are poised for a cautious start as China’s Finance Ministry briefing at the weekend underwhelmed and a drop in factory prices...
-- Asian markets are poised for a cautious start as China ’s Finance Ministry briefing at the weekend underwhelmed and a drop in factory prices added to concerns over the nation’s economy.Chicago Marathon to Honor Kenyan Who Died After His World Record
“Markets are likely disappointed that China’s Finance Ministry did not unveil concrete additional stimulus,” Richard Franulovich, head of FX strategy at Westpac Banking Corp., wrote in a note to clients. “Though, a more conclusive market reading will come when China’s local markets open later Monday.”
The US dollar was mixed against peers in early trading after rising for a second week as traders pared expectations on the pace of Federal Reserve rate cuts. The Treasury curve steepened a second day Friday with yields on 2-year note closing little changed at 3.96% while that on 10-year bond rose 4bps to 4.1%. Cash Treasuries are closed in Asia due to the holiday in Japan.
“Clearly softer activity data and faster disinflation have had an immediate impact on both ECB communication and markets, which are now pricing a 95% probability of a 25bp cut this week,” Barclays strategists including Themistoklis Fiotakis wrote in a note to clients. “We view risks to European macro and interest rates as skewed to the downside, which creates scope for further euro weakness, particularly on crosses.
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