SINGAPORE : Asian stocks fell on Tuesday as weak service sector data rekindled worries over China’s sputtering post-pandemic economy, while the Reserve Bank of Australia kept interest rates unchanged, as expected, for a third month in a row.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.65 per cent lower at 511.63, moving away from 515.37, the highest level since Aug. 11 it touched on Monday.
Futures indicated that the dour mood was likely to spread to Europe, with the Eurostoxx 50 futures down 0.21 per cent, German DAX futures down 0.20 per cent and FTSE futures 0.29 per cent lower.
“To be fair, China’s measures so far are a mere relaxation of over-regulation that can merely stop or slow down further damage, and not particularly stimulus actions that can reverse the damage,” Chanana said. Source: Reuters
