{"id":204529,"date":"2021-08-02T13:42:52","date_gmt":"2021-08-02T13:42:52","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=204529"},"modified":"2021-08-02T10:47:35","modified_gmt":"2021-08-02T10:47:35","slug":"asian-stocks","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/asian-stocks\/","title":{"rendered":"Asian stocks try to stabilize, China\u2019s factory activity slow"},"content":{"rendered":"

Asian stocks were trying to achieve stability on Monday as a run of stellar U.S. corporate earnings put a floor under markets.<\/p>\n

At the time, Beijing’s regulatory crackdown continued to reverberate amid disappointing economic news.<\/p>\n

Surveys showed that factory activity slowed sharply in July amid rising costs and extreme weather, raising fears about the country\u2019s growth.<\/p>\n

On the contrary, Europe’s economic recovery outpaced all expectations last quarter.<\/p>\n

A trend likely to ensure a strong payrolls report at the end of this week, U.S consumers spent with abandon in June as coronavirus restrictions eased.<\/p>\n

Asian stocks<\/h2>\n

Asian stocks did not do well, with China’s news regulations regarding tech and education sectors hammering stocks in light of the spread of the Delta variant of the coronavirus in the region which hit growth.<\/p>\n

MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.2%, having hit its low for the year so far last week.<\/p>\n

After recording its lowest in January, Japan’s Nikkei<\/a> bounced back 1.6%.<\/p>\n

Chinese blue chips gained 0.9%, after shedding 5.5% last week.<\/p>\n

Chinese stocks<\/h2>\n

“The 10-15 year period where foreign investors were allowed to participate in the walled garden of Chinese high growth stocks was an aberration,” said BofA economist Ajay Kapur.<\/p>\n

A shift in China’s regulatory regime was underway that held implication well beyond the tech sector, he said.<\/p>\n

“Regulatory tightening in the world’s second largest economy intended to reduce inequality and make housing and goods more affordable is deflationary, something that the many bond bears need to consider.”<\/p>\n

With yields on U.S. 10-year notes falling for five weeks in a row to reach 1.23%, equity valuations elsewhere have already been supported by a steady decline in bond yields.<\/p>\n

Away from its July low of $1.1750, that drop came with surprisingly robust EU economic data out on Friday to lift the euro to $1.1866.<\/p>\n

The dollar has also declined to 109.67 yen, from its recent top of 110.58.<\/p>\n

However, it has support around 109.35. As a result, the dollar index has eased to 92.110, from a July peak of 93.194.<\/p>\n

The decline in bond yields and the dollar gave gold a boost last week. However, but it again stalled at resistance around $1,832 and was last trading flat at $1,811 an ounce.<\/p>\n

On Monday, oil prices eased as soft Chinese data undermined the outlook for demand, though that follows four straight months of price gains.<\/p>\n

Brent crude benchmark was last down $1.02 at $74.39 a barrel, while U.S. crude lost 91 cents to $73.04.<\/p>\n","protected":false},"excerpt":{"rendered":"

Asian stocks were trying to achieve stability on Monday as a run of stellar U.S. corporate earnings put a floor under markets. At the time, Beijing’s regulatory crackdown continued to reverberate amid disappointing economic news. Surveys showed that factory activity slowed sharply in July amid rising costs and extreme weather, raising fears about the country\u2019s […]<\/p>\n","protected":false},"author":4,"featured_media":204530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[128,278],"class_list":["post-204529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-china","tag-featured"],"yoast_head":"\nAsian stocks try to stabilize, China\u2019s factory activity slow - BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - Asian stocks were trying to achieve stability on Monday as a run of stellar U.S. corporate earnings put a floor under markets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/asian-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asian stocks try to stabilize, China\u2019s factory activity slow - 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