Investing.com - Asia Pacific equities were lower on Wednesday morning, continuing their respite from the November rally. However, a possible reopening of stimulus negotiations in the US and lingering optimism that a COVID-19 vaccine will soon become available continue to support the market..
House Speaker Nancy Pelosi presented a new Democratic proposal for the latest stimulus, while Senate Majority Leader Mitch McConnell on Tuesday teased other Republicans with a revised version of his own plan. McConnell's plan was much less expensive than Pelosi's plan.
Australian index S&The P / ASX 200 fell 0.31% by 10:29 pm ET (02:29 GMT). Reserve Bank of Australia left its December interest rate unchanged at 0.10%, as expected.
Data released this morning by the Australian Bureau of Statistics showed that Australia's economy picked up again in the third quarter. GDP grew 3.3% quarter-on-quarter, higher than Investing.com's 2.6% forecast and a 7% contraction in the second quarter. The data also showed that the country's GDP contracted by 3.8% year on year, exceeding the forecast contraction of 4.4% and the contraction of 6.3% in the second quarter..
Japanese Nikkei 225 Down 0.10%, South Korean KOSPI Up 1.19%.
The Hong Kong Hang Seng Index fell 0.68%. On Wednesday, new restrictions began in the city: the number of seats in restaurants is limited to two people, most civil servants have switched to remote work, and schools have closed until 2021. The tourism bubble project with Singapore has also been postponed for the second time..
China's Shanghai Composite Index lost 0.07% and the Shenzhen Component Index lost 0.29%. Services PMI by Caixin To Be Published Thursday.
Investors are now awaiting the November US employment report, which includes manufacturing and non-farm employment data, due out on Friday. The data is expected to show that employment grew during the month, albeit at a slower pace than in October.
Written by Jina Lee
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