By Gina Lee
Investing.com – Asia-Pacific stocks were down Thursday morning, despite better-than-expected results. A global sell-off of tech stocks spilled over into the region following overnight U.S. losses, with South Korean internet service provider Kakao Corp . (KS 🙂 has fallen by 10% and the Australian payment service company Afterpay (ASX 🙂 has fallen by a maximum of 11%.
China was down 0.69% at 9:42 p.m. ET (2:42 a.m. GMT) and fell 1.18%. Data released earlier today showed it was 53.1 in December.
Investors also continue to digest the divestment of Tencent Holdings (OTC 🙂 Ltd. (HK 🙂 of a stake in Sea Ltd (NYSE 🙂 on Wednesday, fearing other companies might follow suit. The Nasdaq Golden Dragon China Index, which tracks Chinese companies listed in the United States, fell for the fourth day in a row.
Hong Kong’s fell 0.70% as the city tightened restrictive measures on Wednesday.
Japan fell 2.20%, that of December to 52.1. South Korea’s fell 0.32%, with the Korean won falling to its lowest level since July 2020.
in Australia, the decrease of 1.77%.
Investors are also focusing on tightening monetary policies by central banks amid lingering concerns over the threat of the omicron COVID-19 variant to the global economic recovery and corporate earnings. The US Federal Reserve released on Wednesday, which said a strengthening economy and higher inflation could lead to earlier and faster than expected interest rate hikes.
âWe prepare people for volatility,â Carol Schleif, deputy director of investments at BMO Family Office, told Bloomberg.
âYou have had another record double-digit year and yet the mood of investors is rather gloomy. We definitely believe the volatility readjustment will increase this year as there is a lot to deal with. You’ve got some things stabilized, some things improved, and people are going to be watching both Fed and corporate earnings. “
Meanwhile, St. Louis Fed Chairman James Bullard will speak at an event later today with San Francisco Fed Chairman Mary Daly speaking in a separate panel One day later.
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