Asian Stocks Mixed, Taking “Breather” Over More Disappointing China Data By Investing.com

By Gina Lee

Investing.com – Asia Pacific stocks were mixed on Wednesday morning, even as China released more disappointing data. Investors are also asking questions whether the global economic recovery from COVID-19 is durable and awaiting central bank decisions on when to begin asset tapering,

China’s inched down 0.06% by 10:14 PM ET (2:14 AM GMT) and the fell 0.66%. The , released earlier in the day, was a , below the 50-mark indicating growth.

This follows data released on Tuesday that showed the was at 50.1 and the at 47.5. The will be released on Friday.

Chinese President Xi Jinping also chaired a meeting that backed further regulatory tightening in certain sectors. Meanwhile, China Evergrande Group’s (HK:) Hong Kong shares fell after the property developer warned it could default on borrowings.

Hong Kong’s jumped 1.33%.

Japan’s rose 1.14% and South Korea’s inched up 0.01%.

In Australia, the was down 0.51%, with much of the country remaining under lockdown thanks to the latest COVID-19 outbreak. Data released earlier in the day said that GDP grew a better-than-expected 9.6% in the second quarter of 2021. It grew 0.7% .

In the U.S. the was 113.8, a six-month low. Meanwhile, the grew a record 19.1% in June.

Global shares remain near record levels, but some investors are starting to question whether the economic recovery from COVID-19 has peaked.

“Markets are taking a little bit of a breather,” Cornerstone Wealth chief investment officer Cliff Hodge told Bloomberg, adding they “are now trying to grapple with well, what’s next?”

Across the Atlantic, the Eurozone grew a better-than-expected 3% year-on-year in August. Some European Central Bank (ECB) officials, including Governing Council member Robert Holzmann, made hawkish comments suggesting that the central bank should begin asset tapering ahead of the Governing Council meeting due to meet in the following week.

The latest U.S. jobs report, including , is due on Friday.