Asian stocks stumble as weak China data fan global growth worries

asian stocks stumble as weak china data fan global growth worries

Sumary of Asian stocks stumble as weak China data fan global growth worries:

  • Article content HONG KONG — Asian shares fell on Wednesday as weak Chinese economic data reinforced worries about slowing growth globally as well as in the world’s second-biggest economy amid fraught nerves over a still-dominant pandemic and tapering of central banks’ stimulus.
  • MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.82%, extending earlier losses after the release of the Chinese data, while Tokyo’s Nikkei shed 0.89%, moving off a more than 31-year closing-high the day before.
  • Article content A burst of data out of China showed businesses were grappling with the impact of localized lockdowns following sporadic COVID-19 outbreaks, supply bottlenecks and high raw materials costs.
  • The Hong Kong benchmark shed 0.87% dragged down by casino stocks as the gaming hub of Macau begins a consultation ahead of a closely watched rebidding of its multi-billion dollar casinos next year.
  • Article content Shares of Wynn Macau at one point were down more than 30%.
  • Article content Lower inflation suggests that the Fed will be under less pressure to begin trimming its vast asset purchases, and, as a result, the yield on the benchmark 10-year note US10YT=RR fell as low as 1.263%, its lowest since Aug.

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