Asian Markets Concerned About Traffic Jam in Chinese Ports
Australasian shares got the week off in a rather shy mood on Monday.
Investors feared that the higher-than-expected inflation hike would cut the fiscal stimulus sooner.
Maersk transportation giant said on Monday morning it has been extremely concerned about the shortage of containers in the next months due to a terrible jam in Chinese ports.
Beijing said that the problems are temporary but the manufacturing reading is expected to slow to 50.7 from 51.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last a shade weaker at 702.57. South Korea’s benchmark KOSPI was barely changed as was Japan’s Nikkei.
At lunch on Monday, Australia’s S&P/ASX 200 benchmark was down 0.1 per cent to 7,298.8 points. The energy were drivers but travels and IT were under pressure.
New Zealand’s S&P/NZX 50 index fell 0.12 per cent.
India’s Sensex was trading 0.27 per cent higher at the early hours. Nifty was also up 0.27 percent.