Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Asian Stocks Down as Fed Reinforces Quicker Asset Tapering Message

Stock MarketsDec 02, 2021 09:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly down on Friday morning, with investors continuing to evaluate the risks from the new omicron COVID-19 variant. U.S. Treasury yields pared a climb over U.S. Federal Reserve comments suggesting it could quicken the pace of its asset tapering.

China’s Shanghai Composite edged up 0.11% by 9:23 PM ET (2:23 AM GMT) while the Shenzhen Component edged up 0.18%. The Caixin services purchasing managers’ index (PMI), released earlier in the day, was 52.1 in November.

Hong Kong-listed developer Kaisa Group Holdings Ltd. (HK:1638) also failed to win approval for its proposed debt swap.

Hong Kong’s Hang Seng Index slid 1.27%.

Japan’s Nikkei 225 was down 0.21% and South Korea’s KOSPI inched down 0.10%.

In Australia, the ASX 200 inched down 0.10%.

The Fed laid out the case for faster asset tapering via officials including Fed Governor Randal Quarles, Atlanta Fed President Raphael Bostic, and San Francisco Fed President Mary Daly. Fed Chairman Jerome Powell holds a similar stance, with U.S. Treasury Secretary Janet Yellen saying she understands the “reasoning” behind the Fed’s plans.

Some investors remain cautious, even as some worries about omicron have receded over hopes that current vaccines will remain effective or be adjusted.

“The environment in markets is changing," Citigroup Private Bank chief investment strategist Steven Wieting told Bloomberg.

“Monetary policy, fiscal policy are all losing steam. It doesn’t mean a down market. But it’s not going to be like the rebound, the sharp recovery that we had for almost every asset in the past year.”

On the data front, 222,000 U.S. initial jobless claims were filed throughout the week. Investors now await the latest U.S. jobs report, including non-farm payrolls, due later in the day.

Meanwhile, Chinese shares listed in the U.S. recorded losses on Thursday, after the U.S. Securities and Exchange Commission announced final plans to implement a new law. The law mandates foreign companies to open their books or risk being kicked off the New York Stock Exchange and Nasdaq within three years.

Didi Global Inc. (NYSE:DIDI) will begin preparations to delist from the New York Stock Exchange and list on the Hong Kong Stock Exchange, the company said earlier in the day.

Meanwhile, shares in Grab Holdings Ltd., sank on their first day of trading on the NASDAQ board Thursday. The listing follows the company’s merger with Altimeter Growth Corp., approved on Tuesday, and the largest deal to date for a special-purpose acquisition company.

Asian Stocks Down as Fed Reinforces Quicker Asset Tapering Message
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Fong SH
Fong SH Dec 07, 2021 10:49PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
FED? They lost their directions, like Biden From USA Biden went interrupting with Russia, that's too far From West to the East, USA have lost their grip becuz there's no more wars to fight, trying to create one? LOL
Mcdonald Brown
Mcdonald Brown Dec 05, 2021 12:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hi Let game okay
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email