Asian shares trade under pressure as investors weigh on China’s reopening policy

28 Dec 2022 , 09:51 AM

Asian shares were trading lower on Wednesday, with investors looking for direction after China took additional steps to reopen its COVID-ravaged economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.13%, tearing a two-day winning streak and putting the year’s final month in the red.

Japan’s Nikkei 225 index fell 0.5% during the opening bells, while the S&P/ASX 200 index in Australia opened 0.43% lower.

China’s stock market opened marginally lower, while the Hong Kong stock market opened 1% higher, buoyed by China’s announcement on Monday that it would no longer require inbound travellers to undergo quarantine beginning January 8.

The 10-year Treasury note yield was down 0.9 basis points at 3.849%, hovering around the previous session’s five-week high of 3.862%.

On the domestic front, India’s broader index BSE Sensex was trading 33.25 points lower at 60,873.08 points. While, NSE Nifty was trading marginally down at 18,122.70 points.

At around 9.40 AM, Asian markets were trading under pressure. Japan Nikkei was trading 0.55% lower. Australia ASX was trading 0.38% lower. While, Shanghai SE Composite Index was marginally up. Hong Kong Hang Seng has shown an exceptional upside of 2.12%.

Globally, the US Dollar index was trading at 104.32, up by a marginal 0.13%. Global Crude Oil benchmark Brent Crude was trading 0.11% higher at 84.42 per barrel.

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