- Asian markets were steady as traders assessed China's economic growth prospects and waited for the Federal Reserve to announce a speedier withdrawal of monetary stimulus to combat excessive inflation.
- In the backdrop, tensions remain high between US and China. The Biden administration is proposing stronger sanctions against SMIC, China's largest chipmaker. This is part of a broader campaign to limit the country's access to modern technology.
- In Japan, stocks increased, while in China and Hong Kong, prices varied. Chinese new home prices fell month on month, while other data such as retail sales and industrial output portrayed a mixed image in the midst of the property crisis and reduced spending.
- The central bank of the country rolled over a portion of the policy loans that were due to mature this month.
- Futures on the S&P 500 and the Nasdaq 100 were choppy after technology equities led a Wall Street dip as investors soured on riskier areas of the stock market. Concerns about the omicron variant are also causing shadow trading. Treasury yields and the dollar fell.
