* MSCI ex-Japan subdued but Nikkei bounces 2.3 pct
* China data mostly softer than forecast, economy cools
* Turkish lira holds for the moment, but crisis not over
* Euro finds some support, yen and Swiss franc favoured
* Gold loses safe-haven status, near 13-month low
By Wayne Cole
SYDNEY, Aug 14 (Reuters) - Asian share markets fought to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed, though sentiment took a fresh knock when Chinese economic data proved softer than expected.
Retail sales, industrial output and urban investment all grew by less than forecast in July, a trifecta of disappointment that underlined the need for more policy stimulus in China even as trade risks intensify. Shanghai blue chip index .CSI300 was off 0.9 percent and weighing on MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS which eased 0.25 percent.
EMini futures for the S&P 500 ESc1 were still a fraction firmer, while 10-year Treasury yields held at 2.88 percent US10YT=RR . Spreadbetters pointed to a strong start for the European market with London's FTSE futures FFIc1 up 0.3 percent.
Investors had been encouraged that falls on Wall Street were only minor overnight. The Dow .DJI ended Monday down 0.5 percent, while the S&P 500 .SPX lost 0.4 percent and the Nasdaq .IXIC 0.25 percent. .N
Turkey's lira found a moment's respite at 6.70 per dollar TRYTOM=D3 , up 2.6 percent, after the central bank said it would provide liquidity and cut reserve requirements for banks.
Yet it still lost almost 10 percent on Monday alone and has shed more than two-fifths of its value so far in 2018.
The rot spread to the South African rand and the Argentine peso. Argentina's central bank surprised by raising interest rates by 5 percentage points on Monday, but it was still not enough to stop the peso hitting a record low. more significant emerging market concern relates to the risk that regional underperformance becomes a source of disruption through swings in capital flows and currencies," said Matt Sherwood, head of investment strategy at Perpetual.
"While the focus at present is on Turkey where currency depreciation and rising rates has translated into a marked tightening of financial conditions, it could spread to Mexico, Brazil and India."
Sherwood cited the NAFTA negotiations as a key risk for Mexico and upcoming elections in Brazil and India as potential threats for those two markets.
GOLD LOSES ITS LUSTRE
For now, concerns about the exposure of European banks to Turkey pushed up bond yields in Spain and Italy and hobbled the euro. The single currency was last at $1.1421 EUR=D3 , having touched its lowest since July 2017 on Monday.
It also reached one-year lows on the yen and Swiss franc, traditional safe harbours in times of stress.
In commodity markets, gold looked to have lost its safe-haven halo and slid to its lowest since late January 2017. It was at $1,1195.16 an ounce XAU= .
U.S. government data last week showed that gold speculators had lifted their bearish bets to a record.
Holdings of the largest gold-backed exchange-traded fund, New York's SPDR Gold Trust GLD, have dropped about 10 percent from their April peak and are at their lowest since February 2016. HLDSPDRGT=XAU
Oil prices rose after a report from OPEC confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply. O/R
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ MSCI and Nikkei chart
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.