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Asian Stocks Post Biggest Fall in Two Months on US Stimulus Worries
In a sea of red seen across markets, South Korea and Hong Kong topped losers and fell more than 2% each, Japan slipped 0.9% and Chinese stocks shed 1.6%. All touched milestone highs earlier this month.
Indonesia Raises Economic Recovery Budget to $39 Billion
The economy suffered its first recession since 1998 last year. The government expects the economy to grow 5% this year, far better than a forecast contraction of 1.7% to 2.2% in 2020.
Singapore December Manufacturing Expands 14.3% Year on Year, Beats Forecasts
Economists had expected an 11.5% increase in December, according to a Reuters poll. Factory output grew a revised 18.7% in November instead of the 17.9% rise previously reported, data from the Singapore Economic Development Board showed.
Philippines Confirms Local Transmission of Britain Coronavirus Variant
The Philippine health ministry said the B.1.1.7 variant had spread among 12 people in Bontoc, a mountainous northern province, with 17 such cases in the country.
The choppy trade reflected concerns about new strains of the deadly virus, along with uncertainty about the $1.9 trillion U.S. fiscal stimulus plan that has hit opposition from Republicans in Congress.
South Korea Fourth-Quarter GDP Beats Expectations, Sets Scene for Strong 2021
GDP grew a seasonally adjusted 1.1% in the December quarter from the September quarter, the Bank of Korea said on Tuesday, faster than the median estimate of 0.7% in a Reuters poll and following a 2.1% expansion in the September quarter.
Biden Signs ‘Buy American’ Order, Pledges To Renew US Manufacturing
Boosting U.S. manufacturing has proven a vexing challenge for previous administrations, including that of former President Donald Trump.