Asian stocks fall as COVID-19 Economic recovery worries as Investing.com continues

By Gina Lee

Investing.com – Asia Pacific shares were mostly down on Friday morning as concerns about COVID-19’s economic recovery ended the week.

The Japanese fell 1.13% at 22:21 ET (02:21 GMT), and its decision was made on the same day.

South Korea fell by 0.53% and Australia by 0.22%.

Hong Kong fell by 0.83%. The U.S. will provide advice to companies to warn of the dangers of doing business in the city, with moves that could exacerbate tensions between the U.S. and China.

China fell 0.19% to 0.29%.

U.S. counterparts have also fallen, with growth in their favorite growth in the energy and technology sector, such as Amazon.com Inc. (NASDAQ :). Dragging the bottom of Wall Street. However, the vaccine producer Modern Inc. (NASDAQ 🙂 saw its shares in extended trading.

The benchmark is set for a third retirement per week and in the face of the data, 360,000 were submitted for a full week.

U.S. Federal Reserve Chairman Jerome Powell ended his second testimony day Thursday in the House Financial Services Committee. There, he continued to believe that uncomfortable high inflation would be temporary, even though he said the U.S. economic recovery is far from over before the Fed shut down inflation before the asset cuts begin.

U.S. Treasury Secretary Janet Yellen confirmed Powell’s views, saying she expects “rapid inflation for several more months,” and said earnings expectations for prices are still looking good.

However, while others expressed concern that higher inflation will hurt the economic outlook, some of Powell’s colleagues also argued that the time has come to reduce the implementation of emergency policies. James Bullard, president of the St. Louis Faith, called for progress to be reduced, arguing that the goal of achieving “significant further progress” in inflation and employment was met.

Global stocks remained near record levels, but a decline in potential Fed assets, continued COVID-19 outbreaks along with the Delta variant, remain signs of a peak economic recovery and a slowdown in corporate earnings.

However, some investors have remained optimistic that the growth cycle is not over yet.

“It’s likely to have reached peak growth, but that doesn’t necessarily mean the cycle is going above and beyond,” JO Hambro Capital Management’s general fund manager Giorgio Caputo told Bloomberg.

“When you consider these top-growth concerns, as well as what’s happening with the COVID-19 Delta variant and declining interest rates, it seems like we’re getting a little scared of growth.”