Asian shares drop ahead of Jackson Hole symposium
Asian shares fell back on Thursday after this week’s sharp rebound. However, losses in the region were contained by a solid Wall Street performance overnight. The rising vaccinations in the region have also offset some of the concerns over the constantly high number of COVID-19 cases worldwide.
MSCI’s broadest index of Asia-Pacific shares outside Japan took a 0.22% loss, while Chinese blue chips went down 0.81%.
Hong Kong dropped 0.31% and Australia declined by 0.49%.
In Japan, the Nikkei inched up 0.04%. South Korea’s KOSPI was barely affected by the country’s central bank hike, dipping 0.31% in line with regional moves.
The Asian stock benchmark is still up around 4% on the week, having joined a rally in the global markets as investors wait for the Jackson Hole symposium. The symposium could provide assurances that the US Fed will not be rushing in to tighten policy.
Meanwhile, the vaccination rate in the region has started to pick up pace in several countries, fueling hopes for the outlook although the rates are still relatively low.
A lot of countries in the region, from Korea to Southeast Asia and Australia, are still struggling with a surge in cases due to the Delta variant.
In the US, shares edged higher with the S&P 500 up by 0.22%. The Dow Jones Industrial Average closed up 0.11%, and the Nasdaq Composite gained 0.15%.