Asian markets fall on concerns about China growth

120
2
Asian markets fall on concerns about China growth

SYDNEY, NSW, Australia -- Concerns about economic growth in China, the world's second-largest economy, weighed on shares in Asia on Tuesday.

China has seen a revival of Covid 19 cases, although not large in numbers, authorities have locked down large cities in a bid to curb the impact of the disease.

If the lockdown continues for longer, it will impact China's economy and affect supply chains across the world, according to Asia-Pacific equity strategist at BNP Paribas, Manishi Raychaudhuri, Asia-Pacific equity strategist at BNP Paribas.

The Australian and New Zealand markets, which resumed after a break on Monday for ANZAC Day, were hard hit. The Australian All Ordinaries were the worst performer in the region, losing 152.40 points or 1.96 percent to 7,615. In New Zealand, the S&P NZX 50 dropped 95.22 points or 0.80 percent to 11,813. The Shanghai Composite added to its losses by 42.09 points, or 1.44 percent, to the loss to 2,886 in China. In Japan, the Nikkei 225 went against the trend, rising 109.33 points or 0.41 percent to 26,700. Hong Kong's Hang Seng was trading ahead 68 points ahead of the close at the time of writing.

The trend reversed as European traders arrived at their desks and the U.S. dollar was under pressure during the Asian trading timezone on Tuesday, and the trend reversed as European traders were arriving at their desks.

The euro had plummeted to 1.0687 at the close of Sydney. The British pound was at 1.2715. The Swiss franc fell to 0.9597.

The Canadian dollar fell to 1.2739. The Australian dollar dropped to 0.7179. Its edge was up to 127.75 after only the Japanese yen gained ground.

Overnight on Wall Street, the Dow Jones Industrial Average rose 238.06 points, or 0.70 percent, to 34,049. The S&P 500 added 24.34 points, or 0.57 percent, to 4,296. The Nasdaq Composite Index increased by 165.56 points, or 1.29 percent, to 13,004.