Wolfgang Schäuble has warned that spiralling levels of global debt and liquidity present a major risk to the world economy in his parting shot as Germany’s finance minister.
In an interview with the Financial Times, the Europhile who has steered one of the world’s largest economies for the past eight years said there was a danger of “new bubbles” forming due to the trillions of dollars that central banks have pumped into markets.
Mr Schäuble also warned of risks to stability in the eurozone, particularly those posed by bank balance sheets burdened by the post-crisis legacy of non-performing loans.
In Asia Pacific equities, futures tip Sydney’s S&P/ASX 200 index to shed 0.1 per cent at the open, while Tokyo’s Topix is set to fall 0.2 per cent and Hong Kong’s Hang Seng is expected to fall 0.3 per cent when trading begins.
There are no major corporate earnings reports scheduled for today. The economic calendar for Monday is (almost) all about that forex (all times Hong Kong):
- 09.45: China Caixin services purchasing managers’ index
- 13.30: Australia foreign exchange reserves
- 17.00: Singapore foreign exchange reserves
- Foreign exchange reserves figures for China and Hong Kong are also slated for today.
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