Shares find muted cheer in China data, Middle East strife lifts oil
© Reuters. A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. REUTERS/Issei Kato/File photoSYDNEY - Asian shares steadied on Wednesday as Chinese economic data suggested Beijing's stimulus measures might finally be gaining traction, only to be overshadowed by fears of a widening conflict in the Middle East that lifted oil prices.
Retail sales and industrial output for September surprised on the upside, suggesting activity was gaining momentum. That could not stop Chinese blue chips slipping 0.5% as cautioned gripped markets. "We judge the risks are tilted towards escalation and spread of the Israel-Hamas conflict to other countries in the Middle East," warned analysts at CBA in a note."A major spike in volatility and a downgrade of the global economic growth outlook is possible."Stocks were also pressured by a jump in bond yields after a barnstorming report on September U.S retail sales sent analysts scurrying to revise up forecasts for economic growth for both the third and fourth quarters.
The market also again scaled back expectations for early rate cuts, with no chance of a move until June and around 54 basis points of easing implied for all of 2024. More Fed comments are likely on Wednesday with no less than five officials speaking, ahead of an appearance by Chair Jerome Powell on Thursday.
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