Wall Street’s main indices had hit their latest record high on Wednesday but Asia’s session had been far more bumpyAn employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR
Asia had seen its first post-Covid-19-outbreak interest rise in South Korea overnight. Chinese markets had tumbled after the country's most indebted property developer, Evergrande, warned of a 39% slump in profits. Japan suspended Moderna's Covid-19 vaccine, while the mood of Germany’s consumers was darkening again.
“It feels like the market is very complacent though [about the Jackson Hole symposium] and the bar for a surprise is pretty much nonexistent.” Chinese blue-chips had fallen 2% and Hong Kong ended down 1%, as a tech rally ran out of steam. The Hang Seng tech index, where many of the big Chinese tech firms are listed, fell 1.9%.
“The easiest piece to write in global economics right now is the Covid-19 tortoises and hares,” said Societe Generale's Kit Juckes. Central banks around the world are laying the groundwork for a transition away from crisis-era stimulus as what began as emergency support now overheats many economies.
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