Asian shares recovered from early losses on Tuesday as investors weighed the near-term costs of the coronavirus infections in China against the longer-term benefits of a complete reopening of the world's second-largest economy.
shrank at the sharpest pace in nearly three years as COVID-19 infections swept through production lines."The authorities are making almost no efforts now to slow the spread of infections and, with the migration ahead of Lunar New Year getting started, any parts of the country not currently in a major COVID wave will be soon."
Data on U.S. payrolls this week are expected to show the labour market remains tight, while EU consumer prices could show some slowdown in inflation as energy prices ease. Minutes of the Federal Reserve's December meeting due this week will likely show many members saw risks that interest rates would need to go higher for longer, but investors will be attuned to any talk of pausing, given how far rates have already risen.
Japanese 10-year yields have steadied just short of the new 0.5% ceiling, but only because the BOJ stepped in last week with unlimited buying operations.
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