Asian share markets slipped amid concerns the rapid spread of coronavirus infections in China would further hurt economic growth and hinder global supply chains, even if opening up would be positive in the long run. | Reuters
Surveys out over the weekend showed China’s factory activity had shrunk at the sharpest pace in nearly three years as COVID-19 infections swept through production lines.“The authorities are making almost no efforts now to slow the spread of infections and, with the migration ahead of Lunar New Year getting started, any parts of the country not currently in a major COVID wave will be soon.”
Data on U.S. payrolls this week are expected to show the labor market remains tight, while EU consumer prices could show some slowdown in inflation as energy prices ease. While markets have for a while priced in an eventual U.S. easing, they were badly wrong-footed by the Bank of Japan’s shock upward shift in its ceiling for bond yields.
Japanese 10-year yields have steadied just short of the new 0.5 percent ceiling, but only because the BOJ stepped in last week with unlimited buying operations.
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