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Asian Stocks Up, China and the U.S. talked about economic issues

Investing.com
·1 min read

By Gina Lee

Investing.com – Asia Pacific stocks were mostly up on Tuesday morning. China's Vice Premier Liu He talked with U.S. Treasury Secretary Janet Yellen on October 26 via video call about the macroeconomic situation and bilateral relations.

Japan’s Nikkei 225 jumped 1.80% by 10:32 PM ET (2:32 AM GMT) while South Korea’s KOSPI was up 0.55%

In Australia, the S&P/ASX 200 edged up 0.17%. It will release the consumer price index on Wednesday.

Hong Kong’s Hang Seng Index was down 0.24%

China’s Shanghai Composite edged up 0.13% while the Shenzhen Component inched down 0.05% as China is keeping an eye on an outbreak of COVID-19. Also, Modern Land China Co. became the latest developer of real estate to miss debt payments following China Evergrande Group.

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In the U.S., the debate over price pressures continues. Former Treasury Secretary Lawrence Summers said that the gap between Treasury and Federal Reserve comments and the experiences of businesses and consumers has increased in recent months.

“I actually believe the gap between Treasury&Fed statements and the everyday experience of businesses and consumers in terms of inflation has widened in recent months. Until the Fed&Treasury fully recognize the inflation reality, they are unlikely to deal with it successfully,” Summers said on Twitter (NYSE:TWTR).

Additionally, U.S. Democrats moved closer to an agreement on President Joe Biden’s multi-trillion dollar economic agenda on Monday. It’s possible that the House could pass a $550 billion infrastructure bill this week.

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