Asian markets were mostly lower following declines on Wall Street as China’s move to reopen after abandoning its zero-Covid policy revived inflation fears. | AFP
Moving to reopen even as the Asian giant battles a massive spike in Covid cases has caused jitters, with the United States and several other countries saying they may restrict travel from China and introduce mandatory PCR tests for arrivals.
“Still, the bad news is as growth accelerates through Q1, China’s insatiable demand for raw materials and all things energy will push up prices of those commodities, much to the consternation of the Fed and ECB. Indeed, reopening is rekindling some inflationary spirits.” “If we just have this slow grind lower, the Fed’s going to keep interest rates at high levels even if they stop raising rates in any kind of way.”Asian markets mostly headed south, with Tokyo giving up 0.4 percent, Seoul sliding more than 2.2 percent and Shanghai down 0.3 percent. Sydney, Kuala Lumpur, Jakarta and Taipei also retreated while Wellington and Bangkok were among the few gainers.
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