Fri, September 30, 2022

Asian stocks dip amid concerns of economic outlook and Delta

Asian,Business,People,Meeting,And,Working,On,Digital,Tablet,Stock

Asia Pacific stocks fell on July 7 morning as investors are concerned about the economic outlook and the spread of the delta strain of COVID-19.

The benchmark 10-year U.S. Treasury yields hit February lows. The decline came after data revealed the U.S. Institute of Supply Management non-manufacturing purchasing managers index (PMI) in June was 60.1. That was below analysts’ expectations of 63.5.

Japan’s Nikkei 225 declined 0.9%.

Meanwhile, South Korea’s KOSPI fell by 0.56%. The country reported more than 1,200 new coronavirus infections in the past 24 hours on Wednesday. South Korea faces the highest daily rise in infections since late December 2020.

In Australia, the S&P/ASX 200 increased 0.67%. The rise was prompted by the Reserve Bank of Australia. As we know, the RBA decided on Tuesday to keep interest rates unchanged at the record low level of 0.1%.

Hong Kong’s Hang Seng Index declined by 0.73%.

China’s Shanghai Composite dropped 0.11%, while the Shenzhen Component surged 0.29%. The Asian giant, China, is set to release its producer price index and consumer price index on Friday.

Additionally, Australian stocks increased by 0.9%, and Chinese blue chips surged 1.1%. Indonesian 10-year benchmark yields fell by 5.4 basis points at 6.535%.

Top losers on the Singapore STI include Wilmar International Ltd and DBS Group Holdings Ltd. They declined by 2.6% and 2.5%, respectively.

Meanwhile, in the Philippines, top index losers are DMCI Holdings and GT Capital Holdings. DMCI Holdings Inc declined by 2.8%, while GT Capital Holdings Inc fell by 2.5%.

investors now await the minutes from the U.S. Federal Reserve’s policy meeting

Potential risks and inflationary pressures reduced central bank stimulus. Moreover, the outbreak of the coronavirus delta variant weighed on the global market.

Remarkably, investors now await the minutes from the U.S. Federal Reserve’s June policy meeting, due on Thursday. Fed is likely to show further clues on the timeline of tapering asset purchases.

On Wall Street, the S&P 500 declined by 0.2% to 4,343.54 on Tuesday. It was weighed on by losses for banks and energy companies. Still, the index is up 15.6% for the year.

Meanwhile, the Dow Jones Industrial Average dropped 0.6% to 34,577.37. The Nasdaq Composite surged 0.2% to 14,663.64.

Oil surged to $75 a barrel with support coming from a tight market, after a steep slump from multi-year peaks in the previous session amid uncertainty about OPEC+ supply policy.

Brent crude boosted 1.5% at $75.67 a barrel, while U.S. crude increased by 1.6% to $74.55.

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