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Asian markets dragged as Delta offsets rebound hope

Published : Thursday, 9 September, 2021 at 12:00 AM  Count : 588

HONG KONG, Sept 8: Asian markets mostly fell Wednesday as a tepid lead from Wall Street and worries about the impact of the Delta coronavirus variant on the global recovery tempered investor appetite, though hopes for more stimulus helped Tokyo extend its recent rally.
Profit-taking added to the caution with some of the wind appearing to have come out of buyers' sails, having pushed valuations up for more than a week.
While the Nasdaq clocked up yet another record with a small gain, the S&P 500 and Dow ended with a whimper as they reopened after a long weekend, with analysts suggesting concerns about Covid and the end of government handouts were key reasons.
Traders are keeping a close eye on the fast-spreading Delta strain, which is sending infection rates spiking around the world and forcing some governments to reimpose containment measures or lockdowns, raising concerns about the economic recovery. Still, observers say the general mood is positive for the future, with hopes that the US Federal Reserve will delay tapering its monetary policy until the end of the year lending support.
"Localised setbacks in combating the virus have the potential to contribute to market volatility and slow the economic rebound in selected countries," Mark Haefele, at UBS Group AG, wrote in a note.
"But we continue to see broad progress in curbing the pandemic and returning to economic normality."
Tokyo's Nikkei 225 ended above 30,000 for the first time since April as it continued the rally that started when Japan's Prime Minister Yoshihide Suga said Friday he will stand down, raising hopes his successor will introduce fresh economic stimulus.     -AFP







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