Reuters
Morning Bid: Bracing for heavy selloff
Asian stocks are set to open sharply lower on Monday, tracking Wall Street’s slump on Friday after investors interpreted U.S. jobs data and comments from top Fed officials as a ‘worst of both worlds’ outcome – further labor market weakness, but little appetite to cut interest rates by 50 basis points next week. If heightened anxiety over the U.S. economic and policy outlook were not enough, Asia’s calendar is packed with top-tier economic indicators from China, Japan and Taiwan that will be of potential global significance too. Japan releases bank lending, trade, current account and revised GDP growth figures, Taiwan releases trade data, and perhaps most important of all, China unveils producer and consumer price inflation figures.
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