A look at the day ahead in European and global markets from Sonali DesaiDisappointment has been the prevailing sentiment so far this week as investors grow impatient with the wait for more decisive Chinese stimulus measures.
China delivered the expected 10 basis-point reduction to its lending benchmarks, but disappointed those looking for a bigger cut to the mortgage-linked five-year loan prime rate.
Chinese property stocks took a hit and the yuan came under further pressure, reversing much of its bounce against the U.S. dollar late last week when stimulus expectations were driving price action.
Still, that helped Australian shares build on recent gains to reach a seven-week high, bucking declines across Asian bourses where rising Treasury yields and souring anticipation of Chinese stimulus efforts spurred broad declines.
The wary investor mood is likely to spill into Europe, where the data calendar is confined to German producer prices for May.
Persons:
Sonali Desai, Antony Blinken's, Luis de, Pablo Hernandez de Cos, Olli Rehn, Elizabeth McCaul, Luis de Guindos, St Louis, James Bullard, Christopher Cushing
Organizations:
Sonali, U.S ., Reuters, Bank of Australia's, European Central Bank, Bank of Spain, Bank of Finland, St, Barcelona School of, Thomson
Locations:
Asia, China, Europe, Luis de Guindos, Hungary