Marching on the spot
March 17, 2021SharePrint
Equity markets are drifting lower in Asia today following a non-descript session overnight in New York, with most asset classes contenting themselves to march on the spot ahead of the FOMC meeting, which concludes this evening. The semi-conductor squeeze has taken the wind out of bullish sentiment today, as Honda announced production halts in North America. Samsung hinted at product delays due to a lack of chips.
Yet again, mainland China markets are having a tough day as the authorities widen their big-tech crackdown to include Tencent. US Secretary of State Blinken said from Tokyo that China should not use coercion and aggression to get its way. The comments suggest that relations between the two superpowers remain as troubled as ever and does not bode well for the meeting tomorrow and Friday between senior officials of both countries. That state of affairs is adding to the glum mood on the China mainland.
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