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Asian Stocks Mixed as China Releases Latest Economic Data -Breaking


© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mixed on Monday morning, with investors digesting the latest and Japanese economic data.

China’s inched down 0.17% by 9:13 PM ET (2:13 AM GMT) and the edged down 0.18%. China released economic data earlier in the day that showed that it grew 6.1% annually, grew 3.5% annually and grew 4.9% in October. At 4.9%, the remained steady.

According to reports, President Xi Jinping of China will hold a virtual summit on Monday with Joe Biden from the United States. The Beijing Stock Exchange was also launched early in the morning.

Japan’s was up 0.45%. An earlier release of data showed that third quarter GDP declined by an unexpected 3% and 0.8%.

Hong Kong’s inched down 0.07% while South Korea’s jumped 1.05%.

The Australian dollar was up 0.4%. On Tuesday, it will release minutes of its November meeting.

U.S. Treasuries remained steady following volatile trading. This was due to uncertainty around the recovery of COVID-19. Investors are also focused on how much longer high inflation will last and central banks’ timelines for interest rate hikes.

Global shares are still at record levels, but some investors worry that high inflation will force central banks forward.

“We’ve seen inflation prints that we haven’t seen in decades,” UBS Private Wealth Management managing director Terri Jacobsen told Bloomberg.

As global supply chain problems are solved and corporate earnings remain strong, shares can keep rising, while the U.S. Federal Reserve continues to tighten monetary policy, she said.

However, central bank officials are still convinced that the high level of inflation will be temporary. Fed Bank of Minneapolis President Neel Kazhkari said that the Fed shouldn’t react too strongly to inflation, even if it causes pain. It is likely to be temporary. Janet Yellen from the U.S. Treasury stated that COVID-19 control in the U.S. would be critical to easing inflationary tensions.

Thomas Barkin (Esther George), Raphael Bostic and Patrick Harker are heads of the Fed Banks at Philadelphia, Kansas City, Atlanta and Philadelphia. Also, Tuesday will see the release of figures by the U.S.

On Friday, Richard Clarida, Fed Vice Chairman and Mary Daly President of Fed Bank of San Francisco will be speaking at the Asia Economic Policy Conference.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.