Asian stocks shuddered lower on Friday after shockingly weak export data from Ch...
SYDNEY - Asian stocks shuddered lower on Friday after shockingly weak export data from China heightened market fears about a global economic slowdown, a day after European policymakers slashed growth forecasts for the bloc.
Analysts cautioned the timing of the Lunar New Year made it difficult to draw a true signal from the noise but the scale of the miss was alarming. Japan’s Nikkei dropped 1.9 percent and Australia 0.9 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan skidded 1.1 percent to a two-week trough.The mood had already been brittle after the European Central Bank slashed its growth forecasts and surprised everyone with a new round of policy stimulus, leaving investors fearing the worst for the global economy.
“When central banks surprise like this some investors wonder whether that infers things are much worse than they thought,” said Gavin Friend, a senior market strategist at NAB. The numbers are still likely to highlight the relative outperformance of the U.S. economy, especially against the European Union, and further encourage dollar bulls.The euro cowered at $1.1194, having suffered its biggest one-day loss against the dollar since June 2018 when the ECB last pushed back plans for a rate hike.
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