Asian bourses are trading sideways at month-end and following the mixed handover from Wall Street. Traders are paying attention to a slowing Chinese economy as China’s official NBS Manufacturing PMI fell below 50.2 forecasts to 50.1, almost booting the contraction territory. Emerging Markets investors will be reviewing the data. Growing worries might loom the risk sentiment as the country’s economic growth trajectory and expectations will be gaining more momentum for extended fiscal support in the coming quarters.
Today’s session is the last trading day of the month. Given the Bank Holiday in the UK yesterday, most of the action occurred in the US session. Traders will hunt for liquidity and try to get better prices for the monthly settlement, especially on the FX and rates space.
