Employees at a domestic appliances factory in Jiujiang, China. Agence France-Presse
Japan’s government slashed its economic growth forecast for this year largely due to weaker exports, in a sign the protracted US-China trade war is taking a bigger toll on the world’s third-largest economy.
World stocks held near two-month lows on Tuesday as slightly more optimistic comments from US and Chinese officials on trade brought some comfort, a day after equities suffered their worst selloff so far this year.
Japan’s exports likely fell for an eighth straight month in July, a Reuters poll showed on Friday, as a protracted US-China trade war and weak global demand hurt shipments from the world’s third-largest economy.
India’s economy, it seems, has entered the stagflation phase with the key macro-economic data showing dwindling manufacturing activity as the subdued demand conditions contracted the October factory output by 3.8 per cent.
China’s new home prices grew at their weakest pace in nearly two years in November while property investment also eased, with tightening policies continuing to cool the market even as some local easing is expected to prevent a sharp slowdown.
Asian shares hit their highest in nearly eight months on Monday after the United States and China agreed on a preliminary trade deal, with Australian shares leading the way on expectations of more easing of monetary policy there.