Major bourses in the Asia Pacific ended mixed on Thursday, as low vaccination rate in the region and caution about US payrolls report offset speculations that Beijing is likely to accelerate fiscal spending and credit growth as China’s recovery is losing momentum. The Kospi led the losses, plunging 1% with Samsung Electronics and SK Hynix dragging down the index.
The ASX fell 0.6%, retreating for the 2nd session, due to worries that Australia’s economy might contract in Q3 after growing better than expected in Q2 as the full impact of the ongoing COVID-19 lockdowns may yet to be felt, and as Australian doctors warned that the country’s hospitals were not ready to cope with the government’s reopening plans. The Hang Seng was up less than 0.1%, as traders digested news that the cost of renting a home in China should not rise by over 5% a year as President Xi Jinping pledged to narrow wealth disparities. Stocks in China rose (0.8%) and hovered at an over 6-week high.