Asian Stock Market: Slips into the red amid inflation and global growth jitters
- Asian stocks kickstart the fresh trading week on a lower note.
- China reports the weakest Q3 GDP data in a year, oil prices soar.
- New Zealand prints higher CPI data, RBNZ sees more aggressive hiking cycle ahead.
Asian stocks edge lower following the release of key Chinese economic data. Further, investors remain concerned about the rising energy prices, which exacerbate the global inflationary concerns.
MSCI’s broadest index of Asia-pacific shares outside Japan falls 0.07%.
The Shanghai Composite Index is trading down 0.6%, following the disappointing third-quarter Gross Domestic Product (GDP), which expanded 4.9% YoY basis, below the market expectations of 5.2%.
The Nikkei 225 index declines 0.2%, following Japan’s Prime Minister's comments that there will be no change in sales tax. He further said that the country must issue government bonds to fund policies aimed at helping the public defense from the coronavirus pandemic.
The ASX 200 trades higher 0.4% on Monday, after a strong closing on Wall Street last week, led by the energy and financial sectors. Meanwhile, Australia secured additional COVID-19 treatments as the country gradually reopens to the international level.
Oil prices surge more than 1% on Monday, hitting a new seven-year high near $83.00.
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
