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China’s COVID Rules Examined, Stocks Drop

Markets in the Asia-Pacific mostly fell while investors looked for clarity after China signaled slight easing of its stringent COVID restrictions.

In Japan, the Nikkei 225 retreated 448.18 points, or 1.6%, to 27,777.90.

In Hong Kong, the Hang Seng dropped 61.09 points, or 0.3%, to 18,675.35,

Korean markets fell as the nation saw its annualized consumer price index for November inch lower from the previous month. South Korea’s annualized inflation for November came in at 5%, lower than estimates of 5.1% surveyed in a Reuters poll.

Singapore and New York have been ranked as the most expensive cities to live in this year, according to the Economist Intelligence Unit (EIU).

EIU’s survey showed the average price of goods in 172 major cities globally rose 8.1% in local currency terms this year, citing a poll that the organization conducted between Aug. 16th and Sept. 16th.

The reading marks a significant increase from a 3.5% rise in prices seen in the same survey that the organization conducted last year.

In other markets

In Shanghai, the CSI 300 subtracted 23.82 points, or 0.6%, to 3,870.95.

In Taiwan, the Taiex fell 42.12 points, or 0.3%, to 14,970.68

In Korea, the Kospi index ditched 45.51 points, or 1.8%, to 2,434.33.

In Singapore, the Straits Times Index foundered 33.59 points, or 1%, to 3,259.14.

In Australia, the ASX 200 slipped 52.95 points, or 0.7%, to 7,301.46.

In New Zealand, the NZX 50 descended 12.71 points, or 0.1%, to 11,641.85.