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Asian Stocks Mixed, Caution Reigns Over Omicron -Breaking

by Mike Robinson

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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mixed on Monday morning, as uncertainties about the omicron COVID-19 variant continue and investors await U.S. inflation data later in the week.

Japan’s fell 0.67% by 9:19 PM ET (2:19 AM GMT) and South Korea’s edged up 0.14%.

The Australian dollar was at 0.34% after the government handed down Tuesday’s policy decision.

Hong Kong’s fell 0.96%.

China’s was up 0.40% and the edged up 0.13%.

According to Didi Global Inc., the potential delisting of the New York Stock Exchange by Didi Global Inc., last week continued to affect the Nasdaq’s Golden Dragon China index. The index’s decline prompted the China Securities Regulatory Commission on Sunday to play down delisting fears on Sunday.

On Wednesday, data on Chinese trade, including the and, will be available. A day later, inflation data including the and will be released.

Investors continue to digest Friday’s mixed U.S. jobs report, including . Further U.S. data including the is expected later this week. This could put more pressure on the U.S. Federal Reserve, who may be forced to accelerate asset tapering. Neel Kashkari, Minneapolis Fed President, will speak Thursday.

U.S. Treasury yields climbed, trimming Friday’s fall that sent the benchmark 10-year yield closer to 1.30%.

“This week’s November CPI data could trigger markets to price‑in a more aggressive tightening cycle,” Commonwealth Bank of Australia strategist Kim Mundy said in a note.

“Omicron‑related uncertainty will linger while market participants wait to learn about the severity, infectiousness, and resistance of the strain.”

Christine Lagarde (European Central Bank President) will give a speech at a conference. On Wednesday, the Eurozone GDP data will be available.

South Africa said that the COVID-19 report does not indicate that the omicron variant is causing higher hospitalizations. U.S. National Institute of Allergy and Infectious Diseases director Anthony Fauci said there did not seem to be “a great degree of severity to omicron,” but added that it is too early to be certain.

Moderna Inc. (NASDAQ:) President Stephen Hoge said there is a “real risk” that existing vaccines will be less effective against omicron.

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