Asian stocks rose due to Chinese data, but the crackdown and COVID-19 ceiling rose by Investing.com


© Reuters.

Gina Lee

Investing.com – As investors digested. However, the country’s crackdown on various sectors and the global spread of the Delta variant of the COVID-19 virus has limited returns.

As of 10:33 pm Eastern Time (2:33 am GMT), the Chinese stock market was up 0.53% and up 0.68%. It was 54.9 in July released earlier in the day, up from 50.3 in the previous month.

Since the economic data released earlier this week set the opposite tone, they are trending upwards. The 50.3 in July was lower than expected, while the PMI and PMI were 50.4 and 53.3, respectively.

The Hong Kong stock market rose 1.22%.

The Japanese stock market fell slightly by 0.15%. SoftBank’s (OTC:) Group Corp. (T:) share price fell because its sale of Arm Ltd. to chip company NVIDIA Corp. (NASDAQ:) for $40 billion may be prevented.

The South Korean stock market rose 0.95%, and the Australian stock market rose 0.23%.

In the United States, due to corporate profits, stock prices once again hit a record high. However, the benchmark index kept falling.

The Chinese stock market fell in the United States, and there is growing speculation that online gaming may become the next industry in China’s recent regulatory crackdown on private education and technology industries.

This speculation was triggered by the Economic Information Daily run by Xinhua News Agency, which published a fierce criticism of the industry, calling it “spiritual opium.” This criticism prompted Tencent to consider banning children from playing its games, and Alibaba’s revenue fell below expectations for the first time in more than two years.

Concerns about the continued spread of the COVID-19 Delta variant and its impact on the global economic recovery have also limited stock price gains.

Investors are also cautious about inflation and are eagerly waiting for the latest US employment report to be released on Friday. If the data causes investors to adjust their expectations of the timetable for the Fed’s possible asset contraction, the data may determine market trends.

Fed Vice Chairman Richard Clarida will speak on monetary policy, and the US Treasury Department will announce quarterly refunds later in the day.

“We don’t think that the delta variant will prevent the recovery, it will only delay the recovery… The Fed will bear more inflation. They don’t want to disrupt the recovery,” Pence Wealth Management President Laura Pence told Bloomberg.

At the same time, other central banks issued policy decisions throughout the week on Thursday and the day after tomorrow. The Bank of England is expected to keep interest rates and bond purchase targets unchanged in its decision.

Also in terms of data, New Zealand grew 1% in the second quarter of 2021 compared to the previous quarter, which was lower than the expected 4%.

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