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Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
27,327
8124hr
Pakistan Cases
1,227,905
1,89724hr
4.1% positivity
Sindh
451,448
Punjab
423,670
Balochistan
32,772
Islamabad
104,348
KPK
171,589

HONG KONG: Asian markets edged lower on Friday as investors weighed concerns over economic growth and virus outbreaks and risk aversion set in following dovish comments from the Federal Reserve chief.

Fed Chair Jay Powell reiterated the central bank's plan to maintain stimulus initiatives until the economy fully recovers while Treasury Secretary Janet Yellen warned that inflation would remain elevated for months to come.

"I think we will have several more months of rapid inflation, so I'm not saying that this is a one-month phenomenon," Yellen said during an interview on CNBC after US markets closed.

However she predicted price increases would reach "normal levels" over the medium term.

Wall Street ended mixed, with the Dow closing marginally higher while the other two major indexes retreated.

Wall Street dips as earnings gather pace, jobless claims fall

"US stocks tumbled after a second day of Fed Chair Powell's dovish testimony didn't provide any fresh catalysts to buy risky assets," said OANDA's Edward Moya.

"Risk aversion is firmly in place, possibly because the earnings bar may have been set too high for the banks and because the reopening trade can't get its groove back. It didn't help having China's economic growth reading overnight come in below expectations," Moya added.

Asian stocks were mostly lower, with Tokyo down 1.1 percent with investors cautious over expanding virus infections and as the Bank of Japan trimmed its GDP growth forecast for the current fiscal year.

Hong Kong was down 0.2 percent ahead of an expected advisory by US President Joe Biden later Friday warning firms over doing business in the southern Chinese city as Beijing tightens its grip.

"The situation in Hong Kong is deteriorating. And the Chinese government is not keeping its commitment that it made how it would deal with Hong Kong," Biden said Thursday at a press conference with German Chancellor Angela Merkel.

Shanghai was off 0.2 percent while Sydney, Seoul and Taipei also retreated. Wellington was flat while Singapore, Bangkok and Jakarta ticked higher.

Key figures around 0300 GMT

Tokyo - Nikkei 225: DOWN 1.1 percent at 27,974.72

Hong Kong - Hang Seng Index: DOWN 0.2 percent at 27,932.51

Shanghai - Composite: DOWN 0.2 percent at 3,558.40

New York - Dow: UP 0.2 percent at 34,987.02 (close)

London - FTSE 100: DOWN 1.1 percent at 7,012.02 (close)

Euro/dollar: DOWN at $1.1809 from $1.1813 at 2100 GMT Thursday

Pound/dollar: DOWN at $1.3829 rom $1.3832

Euro/pound: DOWN at 85.39 from 85.41 pence

Dollar/yen: UP at 109.99 from 109.82 yen

Brent North Sea crude: DOWN 0.1 percent at $73.42 per barrel

West Texas Intermediate: DOWN 0.04 percent at $71.62 per barrel

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