- Asian shares pared gains as China published worse-than-expected statistics, raising concerns that the world's second-largest economy is losing steam. The offshore yuan fell in value.
- As statistics showed that consumer spending and industrial activity grew at slower rates than predicted in April, Mainland stocks fell and Hong Kong stocks rose. The news dragged on morale, which had previously been buoyed by a 4% gain in the Nasdaq Golden Dragon China Index on Monday, when filings revealed that money manager Michael Burry increased his optimistic bets on e-commerce behemoths JD and Alibaba Group.
- This set of data confirms what the credit data/imports/inflation numbers have always suggested - that domestic demand is weak, that further monetary policy easing is required at some point, and that the yuan may remain under pressure, said Fiona Lim, senior FX strategist at Malayan Banking BHD. in Singapore.
- The broader MSCI Asian equities index continued to rise, with Japan's Topix index on track for its highest finish since 1990. Goldman Sachs Group noted that solid fundamentals and hopes for structural reforms justify a bullish position on Japanese equities.
