Asian stocks mixed as coronavirus and unrest offset vaccine, stimulus | Malay Mail

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HONG KONG, Jan 12 — Asian markets fluctuated today as hopes for the rollout of coronavirus vaccines and a new stimulus out of Washington competed with fears over surging infections, new lockdowns and brewing political and social unrest in the United States. While analysts’ long-term outlook...

Tuesday, 12 Jan 2021 04:42 PM MYT

While analysts’ long-term outlook remained positive as more people are inoculated and life returns to normal, frighteningly high new case numbers and deaths around the world — and the resulting lockdowns — kept a cap on buying. The main focus of attention for traders is Washington, where Democrats are pushing ahead with a historic second impeachment of Donald Trump as they accuse him of inciting Wednesday’s storming of the Capitol Building that delayed lawmakers’ certification of Joe Biden’s election win.

Biden has called for a package in the trillions including US$2,000 cash handouts, though analysts said that while markets would welcome a spending splurge, there were concerns about the financial implications.Bets on another rescue deal have ramped up inflation expectations, with 10-year Treasury yields above one per cent for the first time since March and talk swirling that the Federal Reserve could begin considering winding down its vast bond-buying scheme.

Tokyo, Hong Kong, Mumbai, Manila and Jakarta all rose, while Shanghai finished at a five-year high, but Sydney, Seoul, Singapore, Taipei and Wellington fell.“While the structural catalysts of vaccine distribution and activity normalisation remain intact, we are now potentially approaching the last stage of fiscal stimulus, and the Fed is on a path to tapering the pace of asset purchases,” said Axi strategist Stephen Innes.

 

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