The jobless figures, along with high inflation numbers, will keep pressure on the nationвЂ™s central bank to continue raising interest rates. New ZealandвЂ™s Reserve Bank doubled the benchmark rate to 0.5% last month in its first hike in more than seven years. That includes New Zealand, where the unemployment rate has fallen to 3.4%, its lowest level in 14 years, despite a lockdown in the largest city of Auckland, Statistics New Zealand reported Wednesday. But some central banks have begun easing up on the accelerator in response to surging prices. Most Asian countries have also kept their monetary policy loose to deal with the fallout from pandemic-related shutdowns and travel restrictions. In remarks carried by the official Xinhua News Agency, Li said the government needs to provide more support for smaller companies, reduce taxes and fees, вЂњdo a good job in ensuring the supply and price stability of electricity and coal and take strong measures to support manufacturing.вЂќ Hong KongвЂ™s Hang Seng index dropped 0.9% to 24,885.46 while the Shanghai Composite index lost 0.2% to 3,499.19.Д¬omments by Chinese Premier Li Keqiang about downward pressure on the economy also rattled investors. The question is not so much one of tapering, which at this point seems a foregone conclusion, but more about the timing of future rate hikes,вЂќ Mizuho Bank said in a commentary. вЂњMarkets are largely in wait-and-see mode ahead of the U.S.

Those purchases are intended to keep long-term loan rates low to encourage borrowing and spending. The FedвЂ™s chair, Jerome Powell, has signaled the Fed will announce after its policy meeting that it will start paring its $120 billion in monthly bond purchases as soon as this month. Investors are awaiting comments from the Federal ReserveвЂ™s policy meeting Wednesday, when the central bank is expected to disclose plans to ease the extraordinary support measures to shore up markets and the economy during the pandemic. Shares were mostly lower in Asia on Wednesday, weighed down by concerns over disrupted supply chains and shipping, despite the Dow Jones Industrial AverageвЂ™s first close above 36,000 points.Д«enchmarks fell in most regional markets apart from Sydney and Taipei.

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