Asian Stock Market: Trades mostly lower on Delta spread concerns
|- Asian stocks trade mixed on Friday deviating from Wall Street counterparts.
- Rising coronavirus cases in Australia threatens the pace of economic recovery in the region.
- Quad talks among US, Japan, India and Australia to counter China in economic and geopolitical competition.
Most of the Asia-pacific stocks trade lower except one or two indices on Friday amid growth and the delta variant concerns.
MSCI’s broadest index of Asia-pacific shares outside Japan declined 0.59% falling consecutively for the third day in a row.
Investors remain concerned about the worries on the new regulatory crackdowns in China and the extension of lockdown in several countries in the region.
The Shanghai Composite Index fell 0.4% on Friday. China released a blueprint for the five years to 2025 on Wednesday, which includes its plan to formulate new laws on national security, technology, monopolies, and education.
Japan’s Nikkei 225 declined 0.15%, falling for the straight second day as concerns lingered over political instability ahead of an expected election later this year after support for Prime Minister Yoshihide Suga continued to fall.
Hong Kong’s Hang Seng Index lost 0,45%, Kospi declined 1.45%.
The ASX 200 rose 0.4% to a fresh high of 7,615, climbing for the seventh consecutive session despite rising coronavirus infections in Sydney and Victoria. Investors shrugged off the concerns and cheered up better corporate earnings.
In the latest development, senior diplomats from the US, Japan, India and Australia held another round of discussion, a sign of a burgeoning alliance known as the Quad to counter the assertive Beijing. A move that could worsen the political stability in the region.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.