Asian Stocks Mixed, Investors Await Further Inflation Clues By Investing.com

Asian Stocks Mixed, Investors Await Further Inflation Clues By Investing.com


© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mixed Tuesday morning, but moves remained small. Investors continue to await further clues on the inflation outlook as the global economic recovery from COVID-19 continues.

Japan’s edged up 0.16% by 10:32 PM ET (2:32 AM GMT). The country released its earlier in the day, which contracted 1% for the first quarter of 2021. The contraction was smaller than the 1.2% contraction in forecasts prepared by Investing.com but the figure was lower than the previous quarter’s 2.8% growth. The GDP contracted 3.9% , again exceeding the 4.8% contraction in forecasts prepared by Investing.com but lower than the previous quarter’s 11.7% growth.

South Korea’s edged up 0.20%.

In Australia, the inched down 0.07%. Data released earlier in the day said that the Index climbed to 20 in May, higher than the previous month’s 17 reading. The also rose to 37, higher than April’s 32 figure.

Hong Kong’s inched down 0.10%.

China’s edged down 0.17% while the was up 0.26%.

U.S. shares were little changed at the close of the previous session but hovered near record levels. Biogen Inc. (NASDAQ:) stocks rallied after the company received FDA approval for its Alzheimer’s drug aducanumab, which will be sold under the Aduhelm name.

Investors now await U.S. inflation data for May, including the , due later in the week. Also on the radar is a U.S. Federal Reserve policy decision to be handed down in the following week that will be scrutinized for signs of asset tapering.

“When the FOMC will begin tapering its asset purchase program is still front and center for market participants,” Commonwealth Bank of Australia (OTC:) currency strategist Kim Mundy said in a note.

Investors could reconsider that timeline following the inflation print, with Mundy expecting the Fed to discuss tapering in July or September.

However, other investors remained optimistic that the Fed would maintain its current dovish policy for now.

“We advocate looking through near-term market volatility and remain pro-risk, predicated on our belief that the Fed faces a very high bar to change its easy monetary policy stance,” BlackRock (NYSE:) Investment Institute strategists led by Elga Bartsch said in a note.

Across the Atlantic, the will hand down its policy decision on Thursday, which will also be analyzed for any signs of asset tapering.

Meanwhile, the Group of Seven (G7) leaders’ summit is also set to open on Friday in Cornwall, England.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Leave a comment

Send a Comment

Your email address will not be published. Required fields are marked *