Asian stocks fell broadly on Monday due to inflation worries and a deepening crisis in Ukraine. Trading volumes were thin amid Easter holidays in Hong Kong, Australia and New Zealand.
China’s Shanghai Composite index dropped 0.49 percent to close at 3,195.52 after Shanghai said three people had died from COVID-19, the first official announcement of deaths from an outbreak that prompted the top business hub to enforce a weeks-long lockdown.
Markets ended off their day’s lows as GDP data topped forecasts. China’s GDP grew an annual 4.8 percent during January to March, picking up pace from a 4 percent increase in the fourth quarter last year, official data showed.
The Chinese government has set a growth target for this year of around 5.5 percent, the lowest in three decades.
Separate data showed that retail sales declined 3.5 percent in March from a year ago, marking the first drop since July 2020. Industrial production grew by 5 percent in March, compared with 7.5 percent in the first two months of the year.
Unemployment in 31 major cities surged to 6 percent in March, a record high.
Japanese stocks led regional losses amid growing tensions linked to the Ukraine situation and surging COVID cases in China. The Nikkei average fell 1.08 percent to 26,799.71, dragged down by growth stocks as investors awaited earnings from big companies next week.
The yen’s recent moves had been “quiet sharp” and could hurt companies’ business plans, BoJ Governor Haruhiko Kuroda said as the Japanese currency briefly fell to a fresh 20-year low against the dollar.
Seoul stocks ended lower despite stronger-than-expected quarterly economic data from China. The Kospi average slipped 0.11 percent to finish at 2,693.21 as the country lifted almost all of its COVID-19 precautions in a major step towards a return to normal life.
10-year U.S. Treasury bond yield continued to push higher while gold prices climbed to their highest since mid-March amid the uncertainty surrounding the Russia-Ukraine conflict after multiple explosions believed to be caused by missiles struck the western Ukrainian city of Lviv early today.
Oil prices steadied amid fears over slowing Chinese demand while U.S. natural gas prices held at 13-year high, adding to inflation worries.
Business News
Asian Shares Retreat After Missile Attacks In Lviv
2022-04-18 08:51:10
