Fri, 03 Dec 2021

SYDNEY, NSW, Australia - Shares across Asia were mostly lower on Monday on news of a slowing of China's economy, rising U.S. Treasury yields, and oil prices hitting multi-year highs.

"In response to the ugly growth numbers we expect in the coming months, we think policymakers will take more steps to shore up growth," Louis Kuijs, head of Asia economics, Oxford Economics told Reuters news agency Monday.

"We think the electricity shortages and production cuts will become less of a problem later in Q4. In line with our expectation, senior policymakers have started to stress growth and we expect them to start calling for the pursuit of climate targets on a more measured timeline."

China recorded a GDP of 4.9 percent for the third quarter. While this is a healthy number it is significantly below the 8-9 percent achieved in recent years.

The Australian S&P/ASX 200 rose 0.30 percent to close at a 3-week high of 7,381. The All Ordinaries added 15.50 points or 0.20 percent to 7,689.70.

In Japan, the Nikkei 225 lost 43.17 points or 0.15 percent to 29,025.46.

The Hang Seng in Hong Kong was ahead 78.79 points or 0.31 percent to close Monday at 25,409.75.

China's Shanghai Composite dipped 4.23 points or 0.12 percent to 3,568.74.

The U.S. dollar advanced on the back of rising yields. The euro fell to 1.1576. The Japanese yen weakened to 114.29. The Swiss franc eased to 0.9259. The British pound dipped to 1.3729.

The Australian dollar dropped to 0.7397. The New Zealand dollar was slightly weaker at 0.7063. The Canadian dollar inched down to 1.2400.

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