Asian stock markets mostly recouped early losses on Tuesday, supported by improved sentiment for China shares, but concerns lingered that Beijing may reimpose strict COVID curbs that could cause supply chain disruptions.
European stock futures indicated a sluggish open with Eurostoxx 50 futures up 0.15%, German DAX futures up 0.09% and FTSE futures up 0.30%recovered earlier losses to inch 0.07% higher in the afternoon.
China's central bank said late on Monday it will provide 200 billion yuan in loans to six commercial banks for housing completions.The fact China has showed movement away from on zero COVID is "very significant" but it has been drowned out by the latest new on resurgence of cases in Beijing, said Ray Attrill, head of FX strategy, National Australia Bank.
"Evidence U.S. inflation has peaked and can fall significantly in 2023, together with China and Europe developments, convince us a USD depreciation cycle is now in train," they said in a note on Tuesday.
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