Asian Stock Market: Trades mixed on economic fears, Beijing regulatory crackdown
- Asian stocks trade mixed following subdued Wall Street acton.
- Beijing regulatory crackdown, China’s economic slowdown and unexpected rise in US Retail sales data influence today’s stock performance.
- China warned of an intensified arm action over the US and allies new Indo-Pacific security alliance.
Asian stocks attempt to stabilise after a turbulent week on Friday. Investors assessed China’s jitters and global growth concerns with the US dollar index trade at a two-week high around 93.00.
MSCI’s broadest index of Asia-pacific shares outside Japan rose 0.23%.
The Shanghai Composite Index declined 0.2%, retreating for the fifth consecutive session and heading toward a 2.3% weekly loss. The persistent fears of liquidity crises in Evengrande Group could pose a fresh threat to the broader economy.
Japan’s Nikkei 225 fell 0.58%, rising for the first time in the previous three session’s. The market sentiment was boosted after the reports surfaced that foreign investors bought Japanese equities worth a net ¥ 1.07 trillion.
Hong Kong’s Hang Seng Index gained 0.5% after felling to its lowest level in 10 months a day earlier.
The ASX 200 lost 0.87% on Friday, on the dismal economic data. The Unemployment in Australia fell more than expected in August as companies decided to lay off workers. Furthermore, Australia’s second-largest state reported its second-highest daily rise in new coronavirus infections.