SYDNEY, Aug 14 (Reuters) - Shares slid on Monday as China's property woes amplified the case for stimulus even as Beijing seemed deaf to the calls, while rising Treasury yields lifted the dollar, which rose above the closely-watched 145 yen level.
There was plenty to be watching elsewhere in the world too, as Argentine voters punished the two main political forces in a primary election on Sunday, pushing a radical libertarian outsider candidate into first place, and pressuring the country's bonds.
Europe's broad STOXX 600 benchmark was flat but the miner-heavy and China-exposed FTSE lagged, falling 0.46%, amid fears that trouble in China's largest private property developer, Country Garden , could have a chilling effect on the country's homebuyers and financial institutions. "The chain reaction triggered by slumping new home sales may lead to a rising number of developers' defaults, a sharp contraction of government revenue, falling demand for construction materials, declining wages of employees in both the property and government sector, weaker consumption, and faltering financial institutions."
U.S. share futures shrugged off the news however, rising 0.2%, following losses on Friday when surprisingly high readings on U.S. producer prices tested market optimism that inflation would cool enough to avoid further rate hikes.On this week's data docket is British inflation and jobs data and figures on U.S. retail sales which are forecast to show a 0.4% pick up in spending, with risks to the upside thanks in part to Amazon's Prime Day.
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