Asian shares lost out to safe-harbour bonds on Wednesday as Sino-U.S. trade talk...
Dour forecasts from retailers Home Depot and Kohl’s fuelled worries about consumer spending, while the energy sector .SPNY was the S&P’s biggest loser as oil slid.“The immediate focus remains on the U.S.-China trade talks, and markets seem reluctant to move much in either direction until they are resolved,” wrote analysts at ANZ in a note.
“It was noticeable that fixed income markets rallied despite equity markets being stable, suggestive of a market that remains cautious about the growth outlook.” Yields on U.S. 10-year Treasuries US10YT=RR dropped further to a two-week trough of 1.75%, with a marked flattening of the curve hinting at a possible return of recession fears., though still within the 107.87 to 109.48 range of the last five weeks.but faced chart resistance around $1.1090. The dollar was steadier on a basket of currencies at 97.886 .DXY.
Investors now await minutes of the Federal Reserve’s last policy meeting where it cut interest rates and signalled a pause for the time being. “The minutes will elaborate on the Fed’s view that the downside risks to the U.S. economy have eased, and that a ‘material reassessment’ of the economic outlook will be needed for it to cut rates again,” said Joseph Capurso, an analyst at Commonwealth Bank of Australia.The market has all but given up on the prospect of an easing in December, which is now priced at just 0.8%. A move in March is put at a probability of around 42%.
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