The US economy grew in Q2, but a government shutdown and an auto worker strike threaten 2023 outlook.
MSCI’s broadest Asia-Pacific shares index excluding Japan was up 0.59% but hovered near its 10-month low hit Thursday.
The index is set for 5% drop in the July-September period, its worst quarterly performance since a 13.6% drop in the same period last year. Meanwhile, data showed the US economy maintained a fairly solid pace of growth in the second quarter and activity appears to have accelerated this quarter, but a looming government shutdown and an ongoing strike by auto workers are dimming the outlook for the rest of 2023.
Investors will now switch their attention to US personal consumption expenditures price index later on Friday for the latest view on inflation. Federal Reserve Bank of Richmond President Thomas Barkin said on Thursday the central bank’s decision to hold steady on rates earlier this month was the right move, and it’s unclear whether more monetary policy changes will be needed in coming months.
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