Asian share markets were subdued on Friday amid thin holiday trade although the ...
SYDNEY - Asian share markets were subdued on Friday amid thin holiday trade although the dollar found support as investors pared expectations for a U.S. rate cut this year while oil prices loitered near one-month lows on oversupply fears.
Overnight on Wall Street, major indices gave up initial gains and closed in the red, weighed down by energy shares. “As such, we are of the view that investors are still too optimistic about the outlook for earnings growth. As earnings disappoint, we think that stock markets will drop around the world.”
A solid reading would bolster the notion the world’s biggest economy is on track for its longest expansion ever, further boosting the greenback and prospects for corporate earnings. In the currency markets, the biggest movers were the Australian and New Zealand dollars, which fell as speculators wagered both countries could see interest cuts next week.
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