Saturday, September 25, 2021

Asian market slides due to concerns over global recovery

Asian markets mostly fell today, as a raft of subdued data from China, indicating slowing economic activity raised concerns over a global recovery.

So, Japan’s Nikkei-225 index fell 0.5 percent; China’s Shanghai Composite index ended 0.2 percent lower; Hong Kong’s Hang Seng index dropped 1.8 percent and Singapore Straits Times index slipped 0.7 percent; but South Korea’s Kospi index closed the day with 0.2 percent gains.

In economic news, in China industrial production rose 5.3 percent in August, from a year earlier, at the weakest pace since July 2020, data from the National Bureau of Statistics showed today.

Consumer spending also took a big hit from rising local COVID-19 cases and floods with sales rising only 2.5 percent in August, from a year ago, much lower than the forecast 7 percent rise and at the slowest clip since August last year.

In Europe, London’s FTSE-100 had gained 0.1 percent but France’s CAC-40 had shed 0.3 percent and Germany’s DAX had dropped 0.1 percent, in intra-day trade.

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