Morning Bid: Tracking China's slowdown

Another day, another surge in U.S. bonds yields, and another sell-off on global markets. On top of that, Asian markets wake up on Friday to a raft of key economic indicators that could confirm the extent of China's slowdown.

The August readings for house prices, urban investment, industrial production, retail sales and unemployment will paint a pretty clear picture of where the Chinese economy is right now. And it is not a pretty picture.Any hopes for a rebound in the second half of the year have been dashed by renewed COVID-19 lockdowns and the deepening property sector slump. Trade growth has also slowed, while on Thursday the offshore yuan fell to a fresh two-year low through the 7.00/dollar barrier.

But given the seemingly unstoppable rise in the two-year U.S. bond yield it will be difficult to tame the dollar, something the BOJ will also be acutely aware of as the yen falls back towards 145.00/$. South Korean unemployment data and RBA governor Phillip Lowe's parliamentary testimony could also give their respective currencies direction on Friday.RBA governor Philip Lowe speaksRegister now for FREE unlimited access to Reuters.com

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