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Asian Markets Tumble as Uncertainty Looms

Asian markets mostly fell on Monday, following last week’s losses, as traders assessed the Federal Reserve’s plans for interest rates. The euro was weighed down by political uncertainty in France ahead of a snap parliamentary election.

Data Shows Slowdown in US Inflation

Data released over the weekend showed that US inflation slowed in May, providing hope that the central bank may cut interest rates this year. However, policymakers pared back their expectations for the number of rate cuts, tempering optimism.

Impact on Consumer Sentiment

The spike in prices is having an impact on consumer sentiment, with a gauge hitting a seven-month low in June. The Fed now sees just one rate cut this year, while analyst opinion varies from zero to three.

Markets React

Traders are now awaiting the release of a US retail sales report as well as inflation figures and central bank policy decisions in various countries over the next five days. The Nasdaq chalked up yet another record high, but Wall Street provided a tepid lead, with the S&P 500 and Dow both down.

Asian Markets Reaction

Tokyo, Shanghai, Sydney, Seoul, and Wellington all dropped, while Hong Kong and Taipei edged up. Several markets, including Jakarta, Mumbai, and Singapore, were closed for holidays.

French Election Uncertainty

The euro faced further pressure from the dollar due to concerns about the upcoming polls in France, which President Emmanuel Macron called after his party lost out to the far-right National Rally (RN) in EU-wide elections last weekend. The move has fanned fears about stability in Europe’s second-biggest economy, and observers said the country could be on course for a standoff with the bloc if extremists win.

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