HONG KONG, Aug 16 — Asian stocks were mostly down today as weak Chinese economic data, fears of a resurgent coronavirus and the Taliban’s victory in Afghanistan gnawed at investor sentiment.
“The spread of domestic outbreaks and natural disasters have affected the economy of some regions, and economic recovery remains unstable and uneven,” National Bureau of Statistics spokesman Fu Linghui told a press briefing.Raymond Yeung, chief economist for Greater China at ANZ Banking Group, said the figures “suggest the economy is losing steam very fast”.
“If anyone can break the trend, it is China,” he added. “But widespread outbreaks and restrictions would be a game-changer for the Asia recovery, and one could argue, the global one as well when one considers the implications to supply chains.” “In addition, there remain some health issues in Asia generally, while geopolitical concerns have also surfaced following the developments in Afghanistan and the implications for the future of the region.”
“Concern remains strong over the economic impact of record coronavirus cases in Japan,” said Yoshihiro Okumura of Chibagin Asset Management.
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