Asian shares slipped on Tuesday, following overnight declines on Wall Street and on renewed fears about outbreaks of COVID-19 in China while the dollar hovered below last week's peak, but traders' main focus was approaching central bank meetings.
Nomura said 41 Chinese cities are currently implementing some sort of restrictions to control outbreaks.
"There are a couple of things missing the direction of the labour market and unemployment rate in the U.S., and whether central banks will step back and say 'that's the peak in inflation and we don't need to be as hawkish', or 'we're going to be really aggressive'." The European Central Bank and Bank of Japan both meet on Thursday, with the ECB widely expected to begin raising rates from their pandemic era lows with a 25 basis point hike, while little change is expected from the ultra dovish BOJ."In the background we've got earnings season in the U.S. and we're expecting that to be another source of pressure on markets as we think the full year guidance for around 9%-10% of the U.S. is too high," said Craig.
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