SYDNEY : Asian shares struggled on Monday ahead of China data that is likely to amplify the case for serious stimulus even as Beijing seems deaf to the calls, while rising Treasury yields pressured sky-high valuations on tech stocks and underpinned the dollar.
Chinese blue chips also lost 3.4 per cent last week amid a string of disappointing economic news, culminating in a dire report on new bank loans in July. China's Country Garden, the country's top private property developer, is also set to suspend trading of its 11 onshore bonds from Monday. Analysts at BofA say data on credit and debit card spending suggests sales could rise 0.7 per cent with activity around the July 4th holiday stronger than last year.
"Normalization is not a particularly urgent motivation for cutting, and for that reason we also see a significant risk that the Fed will instead hold steady."
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