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.
Figures on retail sales and industrial output are due Tuesday and analysts assume they will underwhelm, keeping downward pressure on the yuan.
Analysts at BofA say data on credit and debit card spending suggests sales could rise 0.7% 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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