HONG KONG: Asian stocks wobbled on Tuesday (Jun 27) as investors held tight ranges awaiting clues on the interest rate outlook and wary of risks about China's shaky economic recovery and developments in Russia
MSCI's gauge of Asia Pacific stocks outside Japan was up 0.08 per cent at 1.26am GMT , after dropping 0.06 per cent an hour earlier. Japan's benchmark Nikkei average fell as much as 1 per cent.
The Dow Jones Industrial Average fell 0.04 per cent, the S&P 500 lost 0.45 per cent and the Nasdaq Composite dropped 1.16 per cent. S&P Global on Monday cut its forecast for China's economic growth to 5.2 per cent in 2023, down from an earlier estimate of 5.5 per cent, underscoring the uneven nature of the country's recovery from the pandemic.
"The impending rebalancing is expected to have a notable impact on the market dynamics, as traders prepare for potential shifts in stock prices and overall market sentiment," Wong said."With the month and quarter end coinciding, the magnitude of these rebalancing flows adds an element of anticipation and uncertainty for market participants."
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