Mon, 03 Oct 2022

Recession fears hold back buyers on markets in Asia

Conor Trindle
16 Aug 2022, 17:33 GMT+10

SYDNEY, NSW, Australia - Stocks in China were flat to lower on Tuesday as investors weighed up the disappointing economic data released on Monday.

Weak economic activity in China underscores fears of a global recession.

"In short, the risks of a global recession are suddenly much clearer. Then again, they were 'always' clear to some," Reuters quoted Rabobank as saying in a note. "And does anyone think that a central-bank pivot will make them less likely at this stage?"

While stocks struggled in China and were flat in Japan, elsewhere, modest gains were recorded.

Although China is the biggest recipient of Australia's exports, the Australian All Ordinaries gained 37.00 points or 0.51 percent, to close Tuesday at 7,361.90.

In Japan, the Nikkei 225 inched down 2.87 points or 0.01 percent to 28,868.91.

South Korea's Kospi Composite edged up 6.86 points or 0.27 percent to 2,534.80.

New Zealand's S&P/NZX 50 rose 58.12 points or 0.49 percent to 11,847.15.

In China, the Shanghai Composite was flat, adding 1.80 points or 0.05 percent to 3,277.88.

in Hong Kong, the Hang Seng declined 210.34 points or 1.05 percent to 19,830.52.

On foreign exchange markets, the recent U.S. dollar picked up steam, with the greenback gaining ground across the board.

The euro fell to 1.0135 around the Sydney close Tuesday. The British pound slumped to 1.2009. The Japanese yen slid to 133.78. The Swiss franc weakened to 0.9481.

The Canadian dollar sank to 1.2926. The Australian dollar crumbled to 0.6992. The New Zealand dollar was unwanted at 0.6329.

Overnight on Wall Street, the Dow Jones industrials jumped 151.39 points or 0.45 percent to 33,912.44.

The Nasdaq Composite added 80.87 points or 0.62 percent to 13,128.05.

The Standard and Poor's 500 rose 16.99 points or 0.40 percent to 4,297.14.

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