(Bloomberg) – Most Asian stocks fell on Wednesday as Treasuries held onto gains amid concerns of a slower recovery from the pandemic as well as the impact of high price pressures on the global economy .
Shares fell in Japan and Hong Kong and fluctuated in China, where the economy weakened following measures to curb a Covid-19 outbreak. Shares in Macau casinos have slipped on measures to tighten oversight, the latest escalation in Beijing’s regulatory overhaul. US futures faltered after the S&P 500 and Nasdaq 100 declines.
Chinese data showed retail sales growth slowing sharply as viruses dragged down consumer spending and travel during peak summer holidays. The numbers will fuel anxiety that the global economic recovery has peaked.
The 10-year US Treasury yield remained below 1.30%. US inflation was lower than expected in August while remaining elevated, leaving the question of whether price pressures are transitory unresolved. The dollar was stable.
While the impression of inflation could be seen as easing the pressure on the Fed to start pulling out of an accommodative monetary policy, investors remain cautious about the impact of the delta virus variant. and the rising costs of economic reopening. Australian and New Zealand sovereign debt climbed following the rebound in Treasuries.
“It’s hard to argue at this point that this remains entirely transient,” said Dana D’Auria, co-chief investment officer of Investnet Inc. on Bloomberg Television, referring to US inflation. “You associate that with the fact that there are always all these supply shocks that we are still working on. I think the markets are going to have to feel the pain.
As the end of the year approaches, investors will also have to digest the debate over the US debt ceiling, President Joe Biden’s tax package, infrastructure spending and the Fed’s tapering, he said. -she adds.
Elsewhere, oil gained after a report from the US industry showed lower inventories of crude and gasoline. Gold has held a rise.
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Some of the main movements in the markets:
S&P 500 futures rose 0.1% at 12:06 p.m. in Tokyo. The S&P 500 fell 0.6%. Futures on the Nasdaq 100 added 0.1%. The Nasdaq 100 fell 0.3% Japan’s Topix index fell 1% Australian S & P / ASX 200 index fell 0.4% South Korea’s Kospi index rose 0, 3% Hong Kong Hang Seng Index fell 0.7% Shanghai Composite Index in China remained stable
The Japanese yen was trading at 109.63 per dollar, up 0.1%. The offshore yuan was at 6.4411 to the dollar.
The yield on 10-year Treasury bills rose by about one basis point to 1.29% The yield on 10-year Australian bonds fell four basis points to 1.21%
West Texas Intermediate crude was at $ 70.93 per barrel, up 0.7% Gold was at $ 1,802.60 per ounce, down 0.1%
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