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Asian Stocks Down Over Mixed Chinese Data, Taper Talk Continues in U.S.

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Written by Gina Lee

Investing.com – Pacific Pacific stocks mostly fell on Monday morning as investors digested the possibility of a slowdown in China’s economic recovery from COVID-19.

They also continue to watch for possible narrowing of conversations caused by price pressures and are awaiting key U.S. economic data, including Supply Management Institute (ISM) manufacturing PMI which will be released on Tuesday, to assess the economic recovery.

China’s Shanghai Composite fell 0.23% to 22:45 Eastern Time (02:45 GMT), while the Shenzhen component rose 0.29%. Data released earlier that day said that Purchasing Manager Index (PMI) was 51 years old and non-productive PMI was 55 in May. Although both figures remained above 50 marks indicating growth, production PMI was slightly below expectations.

The offshore yuan slipped after Sheng Songcheng, former director of the National Bank of China’s statistics department, said the yuan’s growth would not last, while the central bank said separately on Sunday that the currency might depreciate in the future.

The Hong Kong Hang Seng index fell 0.29%.

Japan’s Nikkei 225 fell 0.66%. Data released earlier that day say Industrial production for April it rose 2.5% on a monthly basis, surpassing the March 1.7% but below 4.1% in forecasts prepared by investing.com. It’s April Retail it also rose 12.0% year-on-year, but below 15.3% in forecasts prepared by investing.com.

South Korean KOSPI increased 0.06%.

In Australia, the ASX 200 fell 0.14% while investors await it Reserve Bank of Australia a policy decision, to be adopted on Tuesday.

Investors remain concerned that the ongoing economic recovery from COVID-19 and stimulus measures around the world will lead to fugitive inflation, forcing central banks to cut support sooner than expected.

“It is likely that inflation fears will go up in the coming months as base effects, the residual impact of price spikes and bottlenecks continue to break through, but there are now a few more signs that this will be temporary,” said Shane Oliver, head of investment strategy. chief economist at AMP (OTC: AMLTF) Capital, said in a note.

He is scheduled to speak Wednesday with a number of U.S. Federal Reserve officials, including Fed Philadelphia President Patrick Harker, Fed Chicago President Charles Evans, Fed Atlanta President Raphael Bostic, and Fed Dallas President Robert Kaplan. This is the last opportunity for officials to talk about politics ahead of the darkened period beginning on June 5 ahead of the next Fed meeting on June 16.

As for the data, investors are now expecting US data for May, inclusive Nonfarm payrolls i Unemployment rate, on Friday.

Investors continue to bet that the Fed will start narrowing talks only to a significant improvement in the job market.

“The labor market would still be considered a long road to recovery … in our view, the data is unlikely to convince Chairman Fed Powell that progress has been significant enough to start signaling that it is narrowing,” NatWest Market Economist Kevin Cummins (NYSE: CMI) ) told Reuters.

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