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Asian stocks recede, Nikkei hesitates to hit highs for nearly 30 years

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Sydney (Reuters) – Asian stocks slumped Monday to week, packed with key US and Chinese economic data and Apple’s latest iPhone launch, but Nikkei is curious about the height it last visited in 1990. Was intrigued.

Japan’s stock price has fallen as expectations of a new stimulus from the new prime minister soared the Nikkei Stock Average by 4.3% last week. Topix has already expanded its peak, but Nikkei has surpassed the resistance barrier by 0.3%.

Report US Democrats are considering proposing tax increases to businesses, and wealthy people aren’t entirely new, but they can feel cautious. 

In addition to concerns about Beijing’s regulatory crackdown, there was an FT report aimed at disbanding Alipay, a very popular payment app owned by Jack Ma’s Ant Group.

China released a set of data on retail sales, industrial output and urban investment on Wednesday, and analysts are afraid to show a further slowdown in the world’s second-largest economy.

MSCI’s widest non-Japanese Asia-Pacific stock index fell 0.7% after bouncing on Friday. China’s top stocks were 0.3% off.

Nasdaq futures and S&P 500 futures rose 0.1% after making a profit last week.

Wall Street has been in the worst situation since February as doubts about the resilience of the global economy’s recovery have hurt energy, hotels and travel lovers who have reopened.

Apple will focus after a few days before announcing the new iPhone lineup, sliding on Friday following an unfavorable court ruling related to the App Store.

It also highlights Tuesday’s US consumer price readings. This is expected to reduce core inflation to 4.2%, but Thursday’s retail sales could fall further as the spread of delta variants surprise shoppers.

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The importance of the CPI is emphasized by Philadelphia Fed President Patrick Harker telling Nikkei that he wants to start a taper this year in case the inflation surge turns out to be non-temporary. I did.

Harker supported reducing the taper over a period of 8-12 months, which is longer than some hawks advertise. 

“The global market is sticking to the timing of the reduction of quantitative easing by central banks, especially the Fed,” said an analyst at ANZ. 

“It’s not surprising given the support that additional liquidity provided to equities and assets more commonly,” they added. “The latest guidance from senior FOMC executives is that tapering is still very agenda this year, but it’s unlikely to be announced until November.”

Tensions only increased ahead of the Fed’s next meeting on September 21-22, and helped raise the US dime yield towards the breakwaters on the main charts last week.

Rising yields and the general air of risk aversion helped the dollar regain some losses last week, leaving its index at 92.624, away from the recent lows of 91.941.

The euro has fallen from a high of $ 1.1908 in September to $ 1.1806, at risk of breaking support below $ 1.1800. The dollar remained flat at 109.93 as it spent a full month trapped in a small range of 109.40-100.46.

Gold was also struggling to hit a high, falling 2.1% last week when it repeatedly failed to clear resistance above $ 1,1830, and finally leveled off at $ 1,788 per ounce.

Crude oil prices remained strong on Monday, supported by increasing signs of tight supply in the United States as a result of the hurricane Aida. Approximately three-quarters of US Gulf offshore oil production has remained suspended since late August. [O/R]

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Brent rose 40 cents to $ 73.32 a barrel and US crude rose 39 cents to $ 70.11.

(Edited by Shri Navaratnam)

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