Asian shares stepped back on Tuesday, weighed by U.S. growth concerns and as Chi...
TOKYO - Asian shares stepped back on Tuesday, weighed by U.S. growth concerns and as China cut its economic expansion target amid growing challenges from rising debt and a dispute over trade and technology with the United States.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent. Hong Kong’s Hang Seng was down 0.6 percent and Japan’s Nikkei lost 0.6 percent. Reflecting lower tax revenue and higher government spending, Beijing has set a budget deficit target of 2.8 percent of GDP, up from last year’s 2.6 percent.
“Since those funds will be solely used for infrastructure investments, you cannot avoid the impression that the government is relying on investments to support the economy in the short-term rather than de-leveraging. This could cause problems in the longer term.”Wall Street’s major indexes fell on Monday, with the Dow Jones Industrial Average shedding 0.79 percent and the S&P 500 losing 0.39 percent.
Thus a media report on Monday that U.S. President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27 prompted profit-taking rather than follow-through buying. In currency markets, the dollar held an upper hand against many of its rivals as other major central banks are seen tilting to a more dovish stance than the Federal Reserve.
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