Stocks declined in Asia amid concern that China may tighten Covid curbs after a string of reported deaths, with investors seeking shelter in the haven assets of Treasuries and the dollar. Shares in Hong Kong led the regional drop, with the benchmark Hang Seng Index falling more than 1.80% in its fourth day of decline as investors weighed if the recent rally on a China reopening was overdone. The MSCI AC Asia Pacific index weakened to a one-week low, while US futures fell. The dollar rose against both Group-of-10 peers and emerging-market currencies, surging more than 1% against the risk-sensitive Korean won. Treasuries gained across the curve. Oil sank on concern of a weakening demand outlook from China. China saw its first Covid-related death in almost six months on Saturday and another two were reported on Sunday. Worsening outbreaks across the nation are stoking concerns that the authorities may again resort to harsh restrictions to minimize the death toll, even though they recently called for loosened quarantine and mass testing rules. Wall Street banks from Morgan Stanley to Bank of America Corp. called for further gains as President Xi Jinping mingled with world leaders at the Group of 20 meetings without a mask on. A city near Beijing that was rumored to be a test case for the ending of virus restrictions has suspended schools, locked down universities and asked residents to stay at home for five days. South Korea’s Kospi dropped more than 1% amid weakness in tech and battery stocks as global funds take profit following a recent rebound in the gauge. Looking beyond Asia, traders this week will also be looking to minutes of the most recent Federal Reserve policy meeting for more clues on the course of rate hikes. Atlanta Fed President Raphael Bostic said he favors slowing the pace of interest rate increases, with no more than 1 percentage point more of hikes, to try to ensure the economy has a soft landing. Boston Fed President Susan Collins reiterated her view that options are open for the size of the December interest-rate increase, including the possibility of a 75 basis-point move.
Nikkei +0.16% Hang Seng -1.80% CSI -1.01% Shanghai -0.52% Shenzen -0.23%
Eur$ 1.0270 CNH 7.1620 CNY 7.1609 JPY 140.77 GBP 1.1818 CHF 0.9567 TRY 18.6127 WTI$ 79.50 -0.72% Gold 1,745.25 -0.30% BTC 16,120 -0.82% ETH 1,128.45 -1.14%
S&P -0.39% Nasdaq -0.37% EutoStoxx -0.33% FTSE -0.18% Dax -0.31% SMI -0.08%
Macro :
- Goldman Says Dollar Strength Versus Asia FX May Not Last Longer
- EU Ambassadors Reach Deal on Artificial Intelligence, Identity
- Germany to Boost Climate Fund 28% to €36 Billion in 2023
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