Asian shares battle to find their footing after disappointing Chinese data
Sydney — Asian share markets fought to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed, although sentiment took a fresh knock when Chinese economic data proved softer than expected. Retail sales, industrial output and urban investment all grew by less than forecast in July, a trifecta of disappointment that underlined the need for more policy stimulus in China. The Shanghai blue chip index was off 0.6% and weighing on MSCI’s broadest index of Asia-Pacific shares outside Japan which eased 0.2%. Japan’s Nikkei held onto its early 1.1% gain, while Australian stocks added 0.8%. E-mini futures for the S&P 500 were still a fraction firmer, while 10-year treasury yields held at 2.88%. Investors had been encouraged that falls on Wall Street were only minor overnight. The Dow ended Monday down 0.5%, while the S&P 500 lost 0.40% and the Nasdaq 0.25%. Turkey’s lira found a moment’s respite at 6.9250 to the dollar after the country’s central bank said it w...
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