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.