Asian Stock Market: Trades in red, Hong Kong led declines amid economic fears

  • Asian stocks continue to trade lower following the previous day’s declines.
  • US Dollar Index rebounds from the initial losses amid coronavirus induced fears.
  • US, Australia and UK collaboration to counter Chinese military influence raised tension in the region.

Asian stocks remain on the lower side amid caution about China’s economic slowdown due to renewed COVID-19 outbreaks and supply chain disruptions.

MSCI’s broadest index of Asia-pacific shares outside Japan dropped 0.45%, weighed by the declines in China and Hong Kong stocks.

The Shanghai Composite Index fell 0.61% down for the fourth consecutive day amid anxiety about China’s economic recovery.

Japan’s Nikkei 225 declined 0.59%, extending the previous session’s losses on the uncertainty about the timing of the Fed’s tapering despite an acceleration in COVID-19 vaccinations.

Hong Kong’s Hang Seng Index dropped almost 2% to its near 11-month low, with casino shares continued their steep declines after Macau set a plan on Tuesday to revise gambling laws.

The ASX 200 advances 0.71% on improved sentiment on the strength of US equities markets overnight that were boosted by rising oil prices.

 

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