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Prelude to the Best Sommelier of Canada Contest | SaltWireSINGAPORE - Asian equities slipped to their lowest in more than 11 months on Tuesday, while the dollar wobbled in cautious trading ahead of a slew of economic data that will provide clues to the next steps from the U.S. Federal Reserve.
China shares remained under pressure, with the Shanghai Composite Index 0.32% higher, while Hong Kong's Hang Seng Index slid 0.5%. "If oil prices persist at this level throughout the rest of 2023 and into 2024, this could potentially inject another bout of inflation into the global economy." The U.S. Commerce Department on Thursday will announce third-quarter gross domestic product, which is seen accelerating to 4.3%. Its wide-ranging Personal Consumption Expenditures report, due on Friday, is expected to show annual headline and core inflation cooling down to 3.4% and 3.7%, respectively.
The run-up in yields on the 10-year Treasury note, seen as a safe haven in times of economic uncertainty and a benchmark for borrowing costs around the world, has been driven by investors pricing in stronger U.S. growth as well as the need for more bonds to be issued to fund higher government spending.
In cryptocurrencies, bitcoin was back in vogue as speculation about the possibility of a bitcoin exchange-traded fund drove enthusiasm about the sector and prompted short-sellers to exit positions.
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