Asian shares fall on growth concerns, focus shifts to Fed minutes

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SYDNEY : Asian shares fell on Wednesday after a slowdown in China’s services activity dented sentiment and as markets turned their focus to the release of Federal Reserve minutes and a key U.S. jobs report later in the week.

Market conditions were subdued following the Independence Day public holiday on Wall Street on Tuesday. S&P 500 futures dipped 0.1 per cent and Nasdaq futures fell 0.2 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan skidded 0.7 per cent. Japan’s Nikkei also fell 0.4 per cent, marking the second straight session of declines after climbing to fresh three-decade highs.

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Australia’s resources heavy shares fell 0.2 per cent after the Reserve Bank of Australia held rates steady on Tuesday but warned of more tightening ahead.

In China, a survey showed the expansion in the services sector continued to slow in June, adding to signs that the country’s post-COVID recovery is losing steam.

“This may feel slightly contrarian at present, but it is an attractive entry point, especially as there are some signs of stabilisation in the US/China relationship.”

Source: Reuters

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