HONG KONG, Aug 3 — Asian markets were mixed today and oil extended losses as the impact of the fast-spreading Delta coronavirus variant on the global recovery fuelled concerns the outlook might not be as rosy as initially hoped.
“I don’t think the market is concerned about Delta as much as it’s concerned about how it impacts inflation,” Shana Sissel, of Spotlight Asset Group, told Bloomberg TV.In a sign that markets are increasingly on edge over the outlook, the yield on 10-year US Treasuries, a key gauge of growth expectations, fell below 1.2 per cent. That came after US growth missed expectations and figures showed growth in factory activity slowing.
“It’s not a huge reach to extrapolate even more supply chain disruptions, especially if it proves as elusive to control for Chinese authorities as it has to officials globally.”Hong Kong and Shanghai also continue to be buffeted by uncertainty caused by China’s crackdown on the tech, private tuition and property sectors, which has raised worries that officials will target other industries.
News that Hong Kong was to ease travel restrictions, which could provide a boost to the fragile economy, was unable to stop the city’s Hang Seng Index from suffering another drop.Sydney also fell, though buy-now, pay-later company Afterpay jumped more than 10 per cent—having soared almost 20 per cent Monday—after US digital payments platform Square, led by Twitter founder Jack Dorsey, said it would buy it for US$29 billion.London, Paris and Frankfurt were all up in the morning.
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