9/9/21, 9:50 AM Asian Stocks Down Over Mixed Chinese Inflation Data, Economic Recovery Concerns By Investing.

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Asian Stocks Down Over Mixed Chinese Inflation

Data, Economic Recovery Concerns

© Reuters

By Gina Lee

Investing.com – Asia Pacific stocks were mostly down on Thursday morning, with investors digesting mixed inflation data from China.
They also continue to monitor a slowing global economic recovery from COVID-19.

China’s Shanghai Composite inched down 0.05% by 10:04 PM ET (2:04 AM GMT) while the Shenzhen Component inched up 0.06%.
Data released earlier in the day said that the consumer price index grew 0.1% month-on-month and 0.8% year-on-year in August. The
producer price index grew 9.5% year-on-year.

Chinese stocks in the U.S. also fell over renewed concerns about China’s regulatory tightening on various sectors. In the latest
development, Chinese authorities summoned gaming companies including Tencent Holdings (OTC: TCEHY ) Ltd. and Netease Inc. to
discuss further tightening.

Hong Kong’s Hang Seng Index edged down 0.12%.

Japan’s Nikkei 225 was down 0.45% as the country debates extending the current state of emergency.

South Korea’s KOSPI fell 0.80% and in Australia, the ASX 200 slid 1.07%.

Global shares’ recent rally to record levels is slowing down as investors await further signs that the economic recovery has recovered
from the impact of recent Delta-variant outbreaks.

The possibility that central banks will gradually begin to withdraw monetary policy support is also of concern, ahead of the European
Central Bank handing down its policy decision later in the day.

Fed Bank of New York president John Williams said “it could be appropriate” for the Fed to begin asset tapering before the end of 2021
in the latest comments on a timeline.

However, other factors are also contributing to shares’ slowdown, according to some investors.

https://www.investing.com/news/stock-market-news/asian-stocks-down-over-mixed-chinese-inflation-data-economic-recovery-worries-2611257 1/2
9/9/21, 9:50 AM Asian Stocks Down Over Mixed Chinese Inflation Data, Economic Recovery Concerns By Investing.com

“Momentum definitely seems to be slowing as far as the recovery is concerned. Before we’d been hearing that the Fed would tighten
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monetary policy and that’s what was unnerving the market. Now, it’s actually slightly softer data and also rising COVID-19 cases,” City
Index senior financial markets analyst Fiona Cincotta told Bloomberg.

U.S. President Joe Biden is due to decide whether to nominate Fed Chairman Jerome Powell for a second term within the week.

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Comments (1)

MS MS
26 minutes ago

The inflation data isnt mixed. Its clear.

Reply

1

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