Asian equities see slightly mixed price action as the region overlooks the gains on Wall Street, which drove the S&P 500 to another record high. There weren’t too many fresh catalysts to describe the day’s price action, with moves emerging more technical and flow-driven ahead of crucial macro data later this week, particularly US Nonfarm Payrolls.
On the COVID front, concerns over growing cases and more restrictions are still on the radar in South Korea as Coronavirus cases jumped again. There were 1,725 new infections in the past 24 hours. Local authorities warned last week that case numbers were likely to rise higher still. In China, as GDP expectations are being revised for Q3 and Q4 this year amid signals of a peak in economic growth, new reports note that the PBOC is still likely to cut banks’ reserve requirement ratios to provide the market with more liquidity in the second half. On the Crypto space, a senior official said the PBoC’s goal is to ensure that there will be no more virtual currency trading in China by the end of the year.
