Asian shares set for third week of declines due to China’s troubles and US interest rates.

Asian Markets ⁣Struggle to Find Footing After Rough Week

By Stella ​Qiu

SYDNEY ⁣(Reuters) – Asian ‍markets were trying⁢ to find a ​firmer footing on ‍Friday after a rough⁢ week,⁣ hammered by concerns⁣ about China’s ailing⁤ economy and fears of U.S. rates staying higher for longer as long-term bond yields ‍surged.

Market Updates:

• Asia-Pacific Shares:

  MSCI’s broadest index of ​Asia-Pacific shares outside‍ Japan were⁢ up ⁣0.1% ⁤after hitting a nine-month low​ the session before. ‍It was, however, headed for a⁤ weekly loss of 2.8%, the third straight week of declines.

• Japan’s Nikkei:

  Japan’s Nikkei lost 0.4% and was⁢ down 3% on the week.

• Japan’s Core Inflation:

  Data ⁤early on​ Friday showed Japan’s core inflation slowed in July, a result that ⁢is ⁢likely to⁣ support ‌market wagers that the Bank ⁤of Japan ⁢is in no hurry to phase‌ out monetary easing anytime soon.

• China’s Blue-Chips:

  China’s blue-chips rebounded 0.2%, ⁢while the Hong Kong’s Hang Seng Index fell 0.3%. Chinese property ⁤giants gained 0.3%,⁣ pulling away from a nine-month ‍low hit just a session ago.

• China Evergrande:

  Adding to concerns of a deepening crisis⁤ in China’s property sector, ​China Evergrande, one of the country’s ⁤biggest real estate developers, on ​Thursday filed for protection from creditors in a U.S. bankruptcy ‍court.

Expert Analysis:

China stocks ⁣have shed 10% from their highs in January, as dismal economic‍ data laid​ bare⁢ the stuttering post-pandemic recovery, ‍with investors⁢ remaining unimpressed with just piecemeal support ⁤measures from policymakers.

“At the start of the year China’s economy was powering ahead. But the ‌picture has gradually worsened⁣ since, and now ⁤looks quite bleak,” said Jonas Goltermann, deputy ⁣chief⁢ markets economist at Capital Economics.

“While it’s hard to see a catalyst for a ⁤lasting turnaround in China’s equity market, a lot of bad news is already discounted in it…Our central scenario remains that they make little-to-no gains rather than crashing.”

Treasuries and U.S. Economy:

• Treasuries:

  Treasuries rallied a little after being​ heavily sold off for the⁢ past five weeks. Ten-year yields eased 5 basis points to 4.2564% in Asia, ⁤after touching a 10-month top of 4.3280% on Thursday. 30-year yields also fell 4 ‍basis points to​ 4.3684%‍ and⁢ off from a 12-year ⁣high⁣ of 4.426% hit overnight.

• U.S. Economic Data:

  A ‍strong run ⁤of U.S.⁤ economic data, including a fall in weekly jobless claims on Thursday, ⁢suggested‍ the world’s largest economy is not slowing as desired in‍ the face of high borrowing ⁤costs,⁢ prompting traders to scale back ‌rate cuts bets next year.

Currency and Commodity ⁣Updates:

• Dollar:

  The dollar lost some of its shine on Friday, but still managed to hold recent gains after hitting ⁤a six-week top.

• Japanese Yen:

  The Japanese yen regained⁢ posture, ⁤up 0.3% to 145.35 ‌per dollar, having been hammered this week to ‌a nine-month low ⁢of 146.56 per dollar as yield differentials between U.S. and Japan widened.

• Euro:

  The euro ​wallowed near its five-week low at ⁤$1.0876, down ‌0.6% for the week.

• Australian Dollar:

  The risk-sensitive Australian dollar broke a key support level overnight and was last at $0.6417.

• Oil Prices:

  Oil⁣ prices were marginally higher. Brent ⁤crude futures ‍rose ​0.1% at‍ $84.24 per barrel and U.S. West Texas Intermediate crude futures also⁤ increased 0.3% to $80.64.

• Gold Price:

  The gold price was slightly higher at $1,893.6 per ounce.

(Editing by Sam Holmes)

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