{"id":120038,"date":"2021-08-18T05:51:02","date_gmt":"2021-08-18T05:51:02","guid":{"rendered":"https:\/\/fin2me.com\/?p=120038"},"modified":"2021-08-18T05:51:02","modified_gmt":"2021-08-18T05:51:02","slug":"asian-shares-move-off-near-year-lows-nz-holds-rates-steady","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/asian-shares-move-off-near-year-lows-nz-holds-rates-steady\/","title":{"rendered":"Asian shares move off near year lows, NZ holds rates steady"},"content":{"rendered":"

HONG KONG (Reuters) – Asian shares edged off near year-to-date lows on Wednesday despite Wall Street\u2019s overnight declines, while New Zealand\u2019s central bank defied expectations by not raising interest rates as the country is in lockdown due to cases of the COVID-19 Delta variant.<\/p>

An investor looks at a stock quotation board at a brokerage office in Beijing, China January 3, 2020. REUTERS\/Jason Lee<\/figcaption>

The New Zealand dollar, fell to a nine-month low of $0.6868 after the Reserve Bank of New Zealand\u2019s decision, however it soon recovered, climbing to back to $0.6933, as investors absorbed projections showing policymakers still expect to raise rates over coming months.<\/p>\n

\u201cThey\u2019ve said no go, because you\u2019ve got COVID and too much uncertainty. Give it a few weeks, let the smoke clear then the tightening cycle is still on the table,\u201d said Imre Speizer, head of NZ strategy at Westpac.<\/p>\n

In equity markets MSCI\u2019s broadest index of Asia-Pacific shares outside Japan rose 0.45%, snapping five successive sessions of declines, but still traded close to year-to-date lows touched in July.<\/p>\n

\u201cA narrative around the peaking of economic growth in the second or third quarter is really hitting home,\u201d said Kerry Craig, global market strategist at JPMorgan Asset Management.<\/p>\n

\u201cInvestors are trying balance the reopening of economies as vaccination rates go up, but also seeing the effects of the spreading Delta variant and that\u2019s being reflected in the slowing economic data most of which has been surprising on the downside in the last two weeks,\u201d Craig said.<\/p>\n

China on Monday reported year-on-year GDP growth of 7.9% in the second quarter, below the 8.1% forecast in a Reuters poll of economists,<\/p>\n

But on Wednesday sentiment was more buoyant, helped by a decline in reported COVID cases in China.<\/p>\n

Chinese blue chips rose 0.66%, the Hong Kong benchmark gained 0.71%, and South Korean stocks rebounded from an eight-day losing streak to rise 0.82%.<\/p>\n

Japan\u2019s Nikkei rose 0.57%.<\/p>\n

Overnight, Wall Street fell after retail sales came in below expectations and valuations had become increasingly stretched. The S&P 500 lost 0.71% after posting a new record high on Monday. [.N]<\/p>\n

\u201cIn today\u2019s market we find its very difficult to find undervalued stocks to recommend to investors,\u201d said Dave Sekera, chief U.S. market strategist at Morningstar Research Services.<\/p>\n

U.S. stock futures, the S&P 500 e-minis, were little changed in Asian hours, down 0.01%.<\/p>\n

In currency markets the dollar hit a nine-month high against the euro and held near recent peaks against other major currencies as COVID-19 concerns meant investors cut exposure to riskier currencies.<\/p>\n

Oil edged up in Asian hours after falling for four sessions responding to the stronger dollar and worries about the rise in coronavirus cases.<\/p>\n

U.S. crude ticked up 0.11% to $66.66 a barrel.<\/p>\n

The yield on benchmark 10-year Treasury notes was 1.2684% compared to its U.S. close of 1.258% on Tuesday<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HONG KONG (Reuters) – Asian shares edged off near year-to-date lows on Wednesday despite Wall Street\u2019s overnight declines, while New Zealand\u2019s central bank defied expectations […]<\/p>\n","protected":false},"author":3,"featured_media":120037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nAsian shares move off near year lows, NZ holds rates steady - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/asian-shares-move-off-near-year-lows-nz-holds-rates-steady\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asian shares move off near year lows, NZ holds rates steady - Fin2me\" \/>\n<meta property=\"og:description\" content=\"HONG KONG (Reuters) – Asian shares edged off near year-to-date lows on Wednesday despite Wall Street\u2019s overnight declines, while New Zealand\u2019s central bank defied expectations [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/asian-shares-move-off-near-year-lows-nz-holds-rates-steady\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-18T05:51:02+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/Asian-shares-move-off-near-year-lows-NZ-holds-rates-steady.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/asian-shares-move-off-near-year-lows-nz-holds-rates-steady\/\",\"url\":\"https:\/\/fin2me.com\/business\/asian-shares-move-off-near-year-lows-nz-holds-rates-steady\/\",\"name\":\"Asian shares move off near year lows, NZ holds rates steady - 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