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Tuesday, October 4, 2022

Asian Stocks Down, US and China to Meet to Discuss Ukraine by Investing.com

© Reuters.

by Gina Lee

Investing.com – Shares of Asia Pacific were mostly down on Monday morning. Inflation risks from commodity-supply disruptions continue, with the US Federal Reserve widely expected to raise interest rates in its latest.

Japan’s at 10:37 PM ET (2:37 AM GMT) rose 0.57%, while South Korea’s fell 0.96%.

In Australia, jumped 1.13%.

Hong Kong’s decline stood at 3.16%. China was down 0.78% and 0.71%.

The Nasdaq Golden Dragon China Index sank 10% during the past week, worsening the mood in Hong Kong along with a fifth consecutive wave of COVID-19 cases in the city. China is also dealing with a growing outbreak that has put the southern city of Shenzhen under lockdown.

Chinese data, including , , , and , is due on Tuesday.

Global stocks eased a selloff, fueled by Russia’s invasion of Ukraine on February 24. On Monday, a meeting of senior officials of the US and China is going on for discussion.

However, Russian missiles struck a military training facility in western Ukraine close to Poland, and US officials claimed that Russia sought military equipment from China. With Russia losing access to nearly half of its foreign exchange reserves, it remains to be seen whether the country can continue to service its international debt.

The US Treasury extended a downward trend with the five-year US yield above 2% for the first time since May 2019. This, and global stocks falling 12% this year, continue to fuel concerns that strengthen monetary policy and rising energy. Grain and metal prices could slow economic recovery.

“We are experiencing exceptional volatility in global equities, coupled with volatility in market sentiment, and the risk of a recession,” Lewis Dudley, portfolio manager for Federated Hermes (NYSE:) Global Equities, said in a note. growing up.”

“We expect ongoing swings in the short term as geopolitical uncertainty over Russian crude remains.”

Investors now await the Fed’s policy decision, due to be handed out on Wednesday. However, the central bank is “really stuck between the real economy and the financial economy,” Karen Harris, global head of macro research at Bain & Company, told Bloomberg.

“You have the mainstream battling inflation, so we are poised to see these increases in March. On the other hand, we are trying not to prick the financial economy. Either way, it’s deflationary, bearish.”

European Central Bank President Christine Lagarde, Executive Board member Isabel Schnabel, Governing Council member Ignazio Visco and Chief Economist Philippe Lane will submit their policy decisions on Thursday, speaking at a conference the same day.

In Asia Pacific, the Reserve Bank of Australia will issue on Tuesday, while submitting its policy decision on Friday.

World Nation News Desk
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