Asian markets down as investors look to uncertain 2022

Asian markets down as investors look to uncertain 2022

Asian stocks were mostly down in Wednesday trade as a "Santa Claus rally" showed signs of fatigue and continued fears over the Omicron variant -- as well as uncertainty about economic prospects for 2022 -- weighed on markets. Warnings from the World Health Organization that the risk from the variant remains "very high" have compounded the sense that the pandemic is far from over, though data showing a reduced risk of hospitalisation has lifted spirits. Reflecting the uncertainty, Tokyo closed down in thin holiday trade on Wednesday, with the market weighed down by US futures losses. Seoul was also down, while Sydney and Wellington rose. Europe opened mixed, with London's FTSE slightly up while Paris and Frankfurt fell. In China, markets fell, in a slide analysts partly attributed to losses in shares of major liquor brands -- including Kweichow Moutai, one of the world's biggest drinks companies. "The drop is mostly contributed by some blue chips, in particular the baijiu names," Zhang Gang, a strategist at Central China Securities, told Bloomberg. "It's likely that some funds want to cash out before the year-end after the recent rebound." Hong Kong's Hang Seng Index was down as investors eyed uncertain prospects for