Fri, 22 Oct 2021

SYDNEY, NSW, Australia - Continuing uncertainty about the financial health of China Evergrande, and concerns over power generation in the midst of widening blackouts across China, caused hesitancy on Asian stock markets on Tuesday.

"What we see in China with the developers and the blackouts is going to be a negative weight on the Asian markets," Tai Hui, JPMorgan Asset Management's Asian chief market strategist told Reuters Tuesday.

"Most people are trying to work out the potential contagion effect with Evergrande and how far and wide it could go. We keep monitoring the policy response and we have started to see some shift towards supporting homebuyers which is what we have been expecting."

The Australian All Ordinaries shed 102.40 points or 1.33 percent to 7,588.30.

In Japan, the Nikkei 225 slid 56.10 points or 0.19 percent to 30,183.96.

China's Shanghai Composite declined 19.39 points or 0.54 percent to 3,602.22.

Going against the trend, the Hang Seng in Hong Kong advanced 291.61 points or 1.20 percent to 24,500.39.

The U.S. dollar continued to gain ground during the Asian trading zone Tuesday. Thero edged higher to 1.676. The British pound slipped to1.3690. The Japanese yen was sold off to 111.32. The Swiss franc fell to 0.9286.

The Canadian dollar was unchanged at 1.2626. The Australian dollar dipped to 0.7280. The New Zealand dollar weakened to 0.6995.

Overnight on Wall Street, the Dow Jones was ahead 71.37 points or 0.21 percent at 34,869.37.

The Nasdaq Composite declined 77.73 points or 0.32 percent to 14,969.97.

The Standard and Poor's 500 slipped 12.37 points or 0.28 percent to 4,443.11.

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