HONG KONG — Equity investors trod cautiously Monday as they struggled to build on recent equity gains, with debate swirling around how big an expected US interest rate cut will be this week, while sentiment was being dragged by worries about the Chinese economy.
The yen strengthened to less than 140 to the dollar for the first time since mid-2023 ahead of the Federal Reserve decision on Wednesday — and a policy meeting at the Bank of Japan two days later.Data showing US inflation slowed more than expected last month to its weakest pace since February 2021 has sparked fresh talk that Fed officials will announce a bumper 50-basis-point cut and continue easing into the new year.
London, Paris and Frankfurt all dipped at the open.On currency markets, the yen briefly hit 139.73 per dollar — its strongest level since July last year — while gold struck a fresh record high of $2,589.70.Traders are keeping tabs on developments in China after more weak data on credit, retail sales, industrial production and house prices stoked concerns about the state of the world's number two economy.
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