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Indices from Asia-Pacific traded mostly lower today - Japanese Nikkei is up 1.50%, S&P/ASX 200 moved 0.12% lower, Kospi is down 0.55%, indices from China traded 1.40% lower
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Asian equities had a sluggish performance on Tuesday due to China's slow economic recovery, leading to reduced growth estimates and a warning from US Treasury Secretary Yellen about its global impact.
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US bank regulators are expected to propose new capital regulations next week, with stricter rules for mortgage capital compared to the Basel standard.
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The dollar experienced a slight decline against major currencies with EURUSD trading 0.2% higher.
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Yellen expressed optimism about the US path to reducing inflation without significantly affecting the labor market.
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Concern is growing in Asia after China's weak economic data led to lowered growth forecasts by major institutions. This situation puts Beijing's official GDP target at risk.
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Australia's Treasurer Chalmers expressed ongoing concern about inflation but expects moderation in future data.
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The Reserve Bank of Australia (RBA) minutes highlighted their commitment to reducing inflation, particularly in service sectors like rents, energy, and food.
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The RBA minutes also noted a tight labor market and low productivity contributing to labor expenses, and the need for additional monetary tightening may be considered in the future.
EURUSD - the dollar continues to remain weak against other currencies, particularly against the euro. The EURUSD pair continues its upward movement, gaining 0.23% today to reach 1.126.
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