Login ID:
Partner Login
Contact Us : 7066511911

Global equity/currency markets update: Asian stocks fall on concerns China may resume strict COVID curbs

22 Nov 2022 8:32 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 22 NOV (Commoditiescontrol): Stocks in Asi were on the back-foot on Tuesday as a COVID-19 resurgence in China increased concerns that Beijing may reimpose strict pandemic curbs and that further restrictions could cause supply chain disruptions.

The dollar pulled back from strong overnight gains on Tuesday while oil took a pause from Monday's retreat.

The broader Asia-Pacific index ex-Japan lost 0.25% in early trade, while China’s benchmark dipped 0.13%. Hong Kong's benchmark index fell 1.31%.

Japan's benchmark Nikkei average opened up 0.78%, while Australian shares rose 0.55%.

China's Covid situation is really in the front row for Asia trading, analyst said.

Beijing warned on Monday that it was facing its most severe test of the pandemic, fuelling investor concerns that China may be forced to resume strict mobility curbs and give stay and home orders across cities. Surging cases in manufacturing cities may cause supply chain disruptions.

The dollar pared some of its strong overnight gains on Tuesday after investors flocked to the safe-haven currency on nerves over China's COVID flare ups, but analysts at the National Australia Bank questioned whether demand for the greenback was sustainable.

Evidence U.S. inflation has peaked and can fall significantly in 2023, together with China and Europe developments, convince us a USD depreciation cycle is now in train, they said.

U.S. Treasury yields across most maturities rose on Tuesday amid expectations of further Federal Reserve interest rate hikes. The benchmark 10-year Treasury yield rose six basis points.

Oil prices rose slightly in early Asian trade, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies.

U.S. crude rose 0.27% to $80.26 per barrel on Tuesday and Brent was at $87.79, up 0.19%. Spot gold traded at $1,738.39 an ounce.

(By Commoditiescontrol Bureau: +91-22-40015505)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Global equity/currency markets update: Asian shares jum...
Global equity/currency markets update: Asian stocks ris...
Global equity/currency markets update: Stocks, euro gai...
Gloable equity/currency markets update: Asian stocks ed...
Global equity/currency markets update: Recessions fear ...
Top 5 News
Wheat OMSS: FCI to Start E-Auction of 25 Lakh Tonne of ...
Burma Tur-Urad price extend rise at Delhi
Branded processed pulses at Mumbai APMC market- 28th Ja...
Oil Spot Prices : 28-Jan-2023
Burma Tur-Urad extend gain at Mumbai; Imported Masoor s...
Top 5 Special Reports
Week Ahead: Masoor prices likely to fall further on con...
Akola Desi Tur (Pigeon Pea) Consolidating in an Uptre...
Castor Oil (Kadi) Inflection Point: Retesting Key Upt...
US soybean net export sales for Jan 13-19 up 16% W/W at...
US Cotton net export sales for Jan 13-19 up 2% W/W at 2...
Copyright © CC Commodity Info Services LLP. All rights reserved.