By Wayne Cole SYDNEY (Reuters) - Asian shares crept higher on Monday as China announced new measures to support its ailing markets, though the mood was ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSSYDNEY - Asian shares crept higher on Monday as China announced new measures to support its ailing markets, though the mood was cautious ahead of readings on U.S. jobs and inflation could decide whether interest rates have to rise again.
Chinese blue chips shed 2% last week to hit its lows for the year so far, and all eyes will be on the official PMI for August out on Thursday. "We take this to mean that the FOMC does not intend to hike at the September meeting," wrote analysts at Goldman Sachs. That raised the stakes for this week's ISM survey on manufacturing, along with reports on payrolls, core inflation and consumer spending.Analysts at JPMorgan cautioned that job gains could be depressed by the entertainment industry strike in Hollywood and are tipping an increase of just 125,000.
This was a common theme among western central banks with Bank of England Deputy Governor Ben Broadbent over the weekend saying rates might have to stay high"for some time yet." The single currency has had less luck on the dollar, which gained broad support from higher Treasury yields, and stood at $1.0801 having slipped for six weeks in a row.
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