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Asian Stocks Down, China’s Latest COVID-19 Outbreak Expected to Worsen -Breaking

by Mike Robinson

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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly on Monday morning, with attention focusing on the latest COVID-19 outbreak in China.

Japan’s fell 0.91% by 9:54 PM ET (1:54 AM GMT), with the due to hand down its policy decision on Thursday. South Korea’s inched down 0.07%.

Australia saw a gain of 0.43%. On Wednesday, the country will publish its annual report.

Hong Kong’s fell 0.55%.

China’s inched down 0.07% while the Shenzhen Component was up 0.33%, with investors keeping an eye on the country’s COVID-19 outbreak that is expected to worsen. The possibility of tax increases in residential property owners is also on the radar.

Jerome Powell, Chairman of the U.S. Federal Reserve said that inflation may persist longer during a panel discussion on Friday. The central bank may begin asset tapering quickly, but will continue to hold off on increasing interest rates. Janet Yellen, U.S. Treasury Secretary, is one of those who believe that inflation will be a temporary phenomenon and it will end in 2022.

U.S. data will be made available Wednesday. The third quarter’s report will follow a day later.

Some investors worry that tighter monetary policy could lead to market volatility.

“While the risk of a correction for shares remains, with issues around inflation and China’s slowdown likely to linger for a while, they seem to be climbing the proverbial wall of worry,” AMP (OTC:) Capital head of investment strategy and chief economist Shane Oliver wrote in a note.

Europe saw a diplomatic spat between Turkey and the United States escalate, which led to the Turkish lira plummeting. Recep Takyip Erdogan declared that ambassadors from 10 nations including France, Germany and USA would be expelled following their demand for the release Osman Kavala (philanthropist, businessman).

It will also announce its policy decision Thursday.

Amazon.com Inc. Facebook Inc (NASDAQ:), Microsoft Corporation (NASDAQ:), (NASDAQ :), Microsoft Corporation (NASDAQ :), Twitter Inc . (NYSE:) and HSBC Holdings LON:) will publish their earnings during the week. In Asia Pacific, Samsung Electronics (OTC:) Co. Ltd. (KS:), China Vanke Co. Ltd. (HK:), PetroChina Co. Ltd.  (SS:) and Ping An Insurance (HK:) will release their earnings.

Finance and health ministers from the Group of 20 will meet on Friday, ahead of a leaders’ summit taking place this weekend.

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