Asian markets fell on Thursday as investors fretted over fresh spikes in virus infections around the world and the reimposition of lockdowns, while forecast-busting economic growth data out of China was unable to break through the unease on trading floors.
While markets have been rallying since hitting their low points in March - thanks to government support and the easing of lockdowns - traders have had to juggle hopes for economic recovery with the reality of a deadly virus that is sweeping the globe and seeing fresh spikes in some countries. Geopolitical tensions, particularly between China and the United States, were also fanning uncertainty.
Beijing said the world's top economy expanded 3.2 per cent in the second quarter, much better than the 1.3 per cent tipped in an AFP poll of economists, indicating China is well on the road to recovery after months of lockdowns that caused a first-quarter contraction. However, while the reading was welcomed, analysts said investors had largely priced a recovery into prices and pointed to a worse-than-expected drop in retail sales in June - a small rise had been forecast - suggesting consumers are still reticent about spending.
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Source: BusinessTimes - 🏆 15. / 51 Read more »