Market sentiment fades the previous optimism as traders seek more clues amid a light calendar, as well as appear unconvincing about China’s ability to
defend the economic recovery. Also challenging the mood could be the latest rebound in the US Treasury bond yields and receding hopes of recovery in China’s struggling reality sector.
Early Tuesday, China’s Commerce Ministry pledged to support the qualified enterprises to make good use of domestic and overseas listing, as well as bond issuance. On the same line was softer China Caixin Manufacturing PMI for August, to 51.8 from 54.1 prior. On a different page, Friday’s upbeat US data and hawkish Fed talks underpin the rebound in the US Treasury bond yields and the US Dollar, as well as prod the market’s optimists. That said, United States for August initially renewed hawkish bias about the Fed, even if the Unemployment Rate and Average Hourly Earnings kept the policy pivot concerns on the table afterward. Following that, the global rating agency Moody’s revised up the US Gross Domestic Product predictions for 2023 to 1.
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