Asia stocks slump to monthly loss as China data disappoints

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Asia’s stock markets slid toward a second month of losses in a row on Wednesday, and even the glittering Nikkei paused, as weak Chinese factory activity fed growing doubts about the post-pandemic recovery in the world’s second biggest economy. | Reuters

The yuan fell to a six-month low of 7.1090 per dollar after that and is down more than 2.6 percent on the month as indicators from output to industrial profits, retail sales and loan growth have missed forecast and in some cases slumped.

“Inflation triggered by structural labor shortages is forcing companies … fundamentally rethink their pricing strategies, and there are clear signs that change is on the way,” said Bank of America strategist Masashi Akutsu. Benchmark 10-year yields dropped 12.4 basis points overnight and fell another 1.5 bps on Wednesday in Asian trade to 3.6808 percent. Yields fall when bond prices rise. Two-year yields were down 2.5 bps to 4.448 percent on Wednesday.

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