- 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.
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