A look at the day ahead in European and global markets from Ankur Banerjee
Data on Tuesday showed China's industrial output and retail sales growth slowed in July, adding to concerns about a faltering post-pandemic recovery in the world's second-biggest economy.for the second time in three months, which analysts said opened the door to a potential cut in China's lending benchmark loan prime rate next week.was pinned near one-month lows, while the yuan dropped to its lowest in 9-1/2 months.
Chinese policymakers last month released a batch of stimulus measures, including boosting auto and home appliances consumption, relaxing some property restrictions, and pledging support to the private sector. But investors, it seems, want more.grew much faster than expected in April-June, as brisk auto exports and tourist arrivals helped to offset the drag from a slowing post-COVID consumer recovery.
That surprise though barely moved the yen , which is now firmly on the weak side of 145 per dollar - the level that prompted intervention last year. While intervention is the watch word again regarding the yen, Japanese authorities have expressed more worry about the speed of currency movements than about specific levels. Still, where the line in the sand is drawn remains to be seen.held steady in the June quarter while the pace of annual pay awards unexpectedly slowed. That, along with the release of dovish minutes from the central bank's July policy meeting, bolstered bets that the RBA would keep rates steady.
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