Asian markets settle mostly lower on Friday

10 Dec 2021 Evaluate

Asian markets settled mostly lower on Friday as investors cautious ahead of US consumer inflation data for November due this evening and the US central bank's meeting next week. A higher-than-expected inflation reading would strengthen the case for a policy tightening decision at the Fed’s meeting. Asian shares slipped further by tracking weakness in Wall Street overnight as investors reacted to restrictions in the UK to curb the spread of the Omicron variant of the corona-virus. Chinese shares declined amid uncertainty in the country's property sector after Evergrande and Kaisa Group Holdings were downgraded to restricted default by rating agency Fitch Ratings yesterday, which cited missed dollar bond interest payments in Evergrande’s case and failure to repay a $400 million dollar bond in Kaisa’s. Japanese shares dropped, but posted their first weekly gain in three on easing fears over the Omicron variant's impact on the pace of economic recovery. Moreover, Seoul shares tumbled as new coronavirus infections in South Korea' stayed above 7,000 for the third consecutive day today amid the waning immunity and cold weather conditions.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,666.35	-6.69	-0.18
Hang Seng	23,995.72	-259.14	-1.07
Jakarta Composite	6,652.92	8.99	0.14
KLSE Composite	1,488.88	-12.91	-0.86
Nikkei 225	28,437.77	-287.70	-1.00
Straits Times	3,135.61	-6.84	-0.22
KOSPI Composite	3,010.23	-19.34	-0.64
Taiwan Weighted	17,826.26	-87.86	-0.49

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