By Doris Yu
Investing.com – Asia Pacific stocks were mostly down on Wednesday morning as investors are concerned about the economic outlook and the spread of the delta variant of COVID-19.
Yields on US Treasuries.
Japan fell 0.9% at 10:09 pm ET (2:09 am GMT).
South Korea fell 0.56%. The country reported more than 1,200 new COVID-19 cases in the past 24 hours on Wednesday, the highest daily count since late December 2020.
In Australia, the hike rose 0.67% after the Reserve Bank of Australia decided on Tuesday to keep interest rates at a record low of 0.1%.
Hong Kong was down 0.73%.
China fell 0.11% while it rose 0.29%. China will release its producer price index and consumer price index on Friday.
Investors are also on the lookout for China’s tighter scrutiny on overseas listing and data security after the New York-listed passenger transport app was removed from app stores.
Despite a near-historic high for global stocks, potential risks, including inflationary pressures, reduced central bank stimulus, and the outbreak of the delta variant of COVID-19, weigh on the global market.
Investors are now waiting for the, which expires July 8, for more clues about the schedule for phasing out asset purchases.
“There are still concerns about what happens with the Fed’s phasing out and lack of traction on the fiscal stimulus side… those uncertainties are just injecting some volatility and then casting concerns about the peak of economic growth. That only fuels concerns about: has the best growth been left behind? “Truist Advisory Services chief market strategist Keith Lerner told Bloomberg.
Across the Atlantic, the UK is lifting COVID-19 restrictions, but has warned that it will reimpose these measures if the number of COVID-19 cases increases.
Elsewhere, the Group of 20, or G20, finance ministers and central bank governors will meet in Venice on Friday.
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