By Gina Lee

Investing.com – Asia Pacific stocks were mostly down on Thursday morning, with investors digesting data from Japan and Australia. A global selloff was also initiated by this data.

Japan’s edged down 0.14% by 9:47 PM ET (1:47 AM GMT). Japanese trade data released earlier in the day showed that grew 26.2% year-on-year and grew 44.7% year-on-year in August. The was at a deficit of JPY635.4 billion ($5.8 billion).

South Korea’s was down 0.48%.

In Australia, the gained 0.69%. Jobs data released earlier in the day showed that the contracted by 146,300, while the contracted by 68,000, in August. The was 4.5%.

Across the Tasman Sea, New Zealand’s GDP grew a better than expected 2.8% and 17.4% in the second quarter.

Hong Kong’s slid 1.84%.

China’s was up 0.44% while the fell 0.61%, with Chinese stocks in the U.S. sliding for a sixth day. U.S.-based casino companies with Macau ties saw their shares drop as Macanese operator faced stricter regulations. Investors also continue to monitor developments in China Evergrande Group’s (HK:) debt situation.

The global economic recovery from COVID-19 was also on investors’ minds as countries such as China and Singapore deal with fresh outbreaks. While the United Nations stated that in 2021 the global economy would experience its fastest recovery in nearly 50 decades, they also cautioned against increasing inequalities between developed and emerging countries.

“Global economic growth remains above trend, albeit past peak levels, supported by central bank liquidity, progress on vaccine distribution, and continued reopening momentum despite the spread of the delta variant,” T.Rowe Price said in its latest global asset allocation report. The report added that a “deceleration” phase of the market cycle has begun, characterized by slowing economic and earnings growth.

Meanwhile, U.S. President Joe Biden’s economic agenda took a significant step forward after the House of Representative’s Ways and Means Committee approved the biggest tax hikes in a generation on Wednesday. This committee approved new taxes totaling $2.1 billion that primarily targeted corporations and wealthy.