Asian stocks lower, inflation remains the “main headwind” By


© Reuters.

by Gina Lee – Asia Pacific stocks fell mostly on Monday morning after China released its latest trade data. Investors also continue to monitor the impact of inflation on both monetary policy and the pace of economic recovery.

China gained 0.14% as of 10:14 PM ET (2:14 GMT) while it fell 0.10%. showed it grew 27.1% yoy in October, while it grew 20.6% yoy and stood at $ 84.54 billion.

Further data, including price indices and, are expected on Wednesday.

The Central Committee of the Communist Party of China will begin its meeting, the first after more than a year later in the day. The meeting will last until 11 November.

Hong Kong’s fell 0.47%.

Japan fell by 0.19% and that of South Korea by 1.12%. In Australia, it fell 0.22%.

10-year US Treasury yields fell below 1.5%, which contributed to the rally in Australian bonds.

Data from the latest U.S. job report, released on Friday, showed it rose by a better-than-expected 531,000 and fell to 4.6% in October.

“The strong employment report is a positive sign that the slowdown caused by the COVID Delta waves has been truly transitory. This bodes well for expansion, which is set to continue in the coming months, boosting earnings and economically sensitive sectors, ”Janus Henderson Investors research director Matt Peron told Bloomberg.

US President Joe Biden said Friday that the US economy is recovering from the pandemic faster and stronger than expected. However, Kansas City Fed Bank President Esther George warned that the bottlenecks contributing to high inflation will persist into 2022 due to mounting price pressures.

George’s comments indicated that the inflation debate continues to cast a shadow over the markets.

“Inflation is the main headwind right now. At this point there is a disconnect between some of the expectations we have about inflation and what consumers feel on the ground, ”Dana D’Auria, co-chief investment officer at Envestnet (NYSE :), told Bloomberg.

On the COVID-19 front, encouraging results from a study for Paxlovid, Pfizer The Covid-19 Pill from Inc. (NYSE 🙂 also gave the stock a little boost. Pfizer CEO Albert Bourla told Bloomberg that the company aims to submit Paxlovid’s results to US regulators by November 25.

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