While some recent indicators have been favourable, he told lawmakers there was"significant uncertainty" about the outlook and unless consumers feel confident Covid-19 has been defeated,"a full recovery is unlikely".Asian markets fluctuated through the morning with profit-takers also cashing in after Tuesday's big run-up. Hong Kong was up 0.2 per cent and Tokyo went into the break 0.7 per cent lower a day after a near-five per cent surge.
"There is so much uncertainty right now and it looks to us like the market has really gotten ahead of itself, and that concerns us," Sandi Bragar, at Aspiriant LLC, told Bloomberg TV.The major threat to any rebound is a renewed surge of infections, which could slow the easing of restrictions and reopening of economies.
The coronavirus resurgence - believed to have started in the capital's sprawling Xinfadi wholesale food market - has prompted alarm as China had largely brought its outbreak under control through mass testing and tough lockdowns.
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