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Asian Stock Market: Bears keep the reins as China property stocks fail to tame growth fears

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Asia-Pacific equities grind lower on early Wednesday, despite a corrective bounce in China property stocks, as market players consolidate the previous

While portraying the mood, the MSCI’s Index of Asia-Pacific shares outside Japan dropped nearly 1.0% whereas Japan’sIt’s worth noting China’s downbeat Caixin Services PMI for August, to 51.8 from 54.1 prior flagged economic fears about the Dragon Nation the previous day. The same were joined were fears of the Sino-American tussles, flagged by comments from US Commerce Secretary Gina Raimondo as she defended the current US tariffs on China until the four-year review is complete.

Also challenging the sentiment were upbeat details of the US Factory Orders and comments from the Federal Reserve officials. On Tuesday, the US Factory Orders for July dropped to the lowest since mid-2020 while posting -2.1% MoM figures versus -0.1% expectations and 2.3% previous growth. However, the orders excluding transport rose 0.8% MoM, Shipments of goods stayed firmer and inventories marked the first increase in three months.

While the aforementioned catalysts sour the sentiment in the Asia-Pacific region, the recent headlines from Chinese media suggesting more stimulus from the nation’s real estate sector, seem to have fueled the property shares, especially backed by Country Garden’s avoidance of default. Even so, most Chinese indices remain in the red while tracing the downbeat Wall Street benchmarks and S&P 500 Futures. Apart from that,

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