SINGAPORE-As U.S. stocks fell overnight, the Asia-Pacific market was mixed on Wednesday. The World Health Organization warns that the omicron variant spreads faster than any previous strain.
Japan’s Nikkei 225 index rose slightly by 0.12% in early trading, while the Topix Index rose 0.48%.
South Korea’s Kospi index fell 0.26%, while Australia’s S&P/ASX 200 index fell 0.28%.
China will release some economic data on Wednesday morning, including industrial production and retail sales data.
In terms of listing, Chinese biotechnology company BeiGene will be listed on the Shanghai Nasdaq-style Science and Technology Innovation Board.The company has been listed in Hong Kong and Nasdaq in the United States
U.S. stocks fell on Tuesday as some large technology stocks fell, and new inflation data continued to show a sharp rise in prices.
The Nasdaq Composite Index led the decline, falling 1.14% to 15,237.64. The Standard & Poor’s 500 Index fell 0.75% to close at 4,634.09. The Dow Jones Industrial Average outperformed its peers, but still fell 106.77 points, or 0.30%, to 35,544.18.
The Fed will conclude its two-day policy meeting in the United States later on Wednesday, and Fed Chairman Jerome Powell will speak at a press conference at 2:30 pm Eastern Time.
Omicron worries about hitting oil prices
Investor sentiment will remain cautious after the World Health Organization warned on Tuesday that the new Covid omicron variant is spreading faster than any previous one, and that the variant may exist in most countries in the world.
At the same time, after the International Energy Agency stated that next year’s oil demand would be lower than expected, oil prices fell and were hit by the new omicron variant.
Vivek Dhar, Head of Commodity Research for Mining and Energy at Commonwealth Bank of Australia, said: “The International Energy Agency (IEA) stated that the oil market has returned to surplus this month, and this surplus will deepen early next year, and oil prices will fall overnight.
He wrote in a report on Wednesday: “The organization’s forecast is based on weakening demand related to the omicron variant of COVID-19, as well as increased oil production from OPEC+, the United States, Canada, and Brazil.”
Crude oil prices continued to fall during the Asian session. US crude oil fell 0.48% to US$70.4 per barrel.
The U.S. dollar index, which tracks the U.S. dollar against a basket of currencies, reported 96.571, continuing to soar from the previous level above 96.3.
The yen-dollar exchange rate was 113.76, continuing to weaken from the level near 113.5. The Australian dollar was almost unchanged against the US dollar at 0.7106.
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