Asian markets hit as Delta, US data and China trump recovery hope
Asian markets mostly fell on Thursday following a tepid Wall Street lead as traders contemplated mixed US data, concerns about the fast-spreading Delta variant and indications that the Federal Reserve could begin winding back its ultra-loose monetary policy by the end of the year. Adding to selling pressure were concerns that China had the online gaming sector in its crosshairs next, after a crackdown on its tech, private tuition and property industries last month sparked turmoil. News that more than 200 million people had now been infected with COVID-19 in just over 18 months highlighted the huge battle governments face in bringing the pandemic under control, with the uneven rollout of vaccines raising concerns about the worldwide recovery. The key headache now is the highly transmissible Delta strain, which is forcing some governments to reimpose lockdowns or other containment measures, blurring the economic outlook. A major concern is the spike in cases across much of China, the world’s second biggest economy and major global growth driver, which some economists warn could put a big dent in its annual growth. US officials on Thursday indicated that the mutation’s spread...