Asian markets tepid with eyes on China, US midterms

22

Asian stocks made a positive start on Wednesday following gains on Wall Street, but lost momentum as factory gate prices in China fell for the first time in nearly two years.

Shares in Tokyo, Hong Kong and Shanghai edged up at the open as votes were counted in crucial US midterm elections that will shape the political fortunes of President Joe Biden.

But they closed lower after official data from China showed the world’s second-largest economy languishing under its strict zero-Covid policy.

Markets had climbed in New York and Europe on Tuesday, with Biden’s Democrats facing a struggle to hang on to control of Congress, and polls predicting a Republican victory that could pave the way for a White House comeback bid by Donald Trump.—AFP

Previous articleFTX collapse gives crypto sector ‘another black eye’
Next articleIRSA releases 104,200 cusecs water