SYDNEY : Asian shares edged higher on Tuesday as Beijing's latest move to support developers boosted the property sector, though it was still not clear what new damage public unrest over China's zero-COVID policy might do to the economy.
Markets were still nervous that the widening web of restrictions in China would lead to more public unrest and further undermine growth. Underlining the far reaching impact of Beijing's policies, Apple Inc shares had fallen 2.6 per cent on reports COVID-19 restrictions would cause a sizable shortfall in production of iPhone pro units.
That heightened tensions ahead of speech by Fed Chair Jerome Powell on Wednesday that is shaping up to be a major messaging event as markets yearn for a pivot on policy."We envision him basically confirming a slower pace of hikes at the December meeting, which is almost entirely priced in," said Jan Nevruzi, an analyst at NatWest Markets."But we also think he will reiterate that the Fed intends to stay in restrictive territory through next year.
Figures for inflation in Germany and Spain are due later on Tuesday, ahead of the main eurozone report on Wednesday.
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