Asian shares were hesistant on Monday after central banks last week reinforced the message that interest rates will stay higher for longer, while investors braced for inflation data from the U.S. and Europe. The yen nursed losses at more than nine-month lows at 148.38 per dollar, after the Bank of Japan made no change to its dovish monetary policy. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1% on Monday, after a 2.3% fall the previous week to fresh ten-month lows.
SYDNEY - Asian shares were hesistant on Monday after central banks last week reinforced the message that interest rates will stay higher for longer, while investors braced for inflation data from the U.S. and Europe.The yen nursed losses at more than nine-month lows at 148.38 per dollar, after the Bank of Japan made no change to its dovish monetary policy. Ten-year Japanese bond yields settled at a decade high of 0.745%.
A week-long holiday starting on Friday in China will also be a key test of whether consumer confidence and spending is starting to revive. Much will depend on the U.S. data. In a sign of slowing growth, U.S. business activity was basically at a stand still in September, with the vast services sector essentially idling at the slowest pace since February.
"First, US real PCE spending is expected to flatten in August, suggesting that a mid-year surge is ending, and overall growth is set to moderate into year-end. Second, both the US and Euro area should deliver low core inflation readings," he said in a client note.The Fed's favoured inflation gauge, the core Personal Consumption Expenditures Price Index, is expected to show on Thursday a 0.2% monthly increase for August, unchanged from July. Other U.S.
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