Asian stocks lose gains made on shorter China quarantine as recession fears persist

Japan's Nikkei index fell 0.98%, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.37%, dragged lower by Australian shares, off 0.81%, and Korea's KOSPI, down 1.54%.

Chinese blue chips, which hit a four month high the day before, lost 1.16% while the Hong Kong benchmark fell 1.83%.The losses in Asia followed a turbulent day on U.S. markets, with the S&P 500 index down more than 2% after data showed U.S. consumer confidence dropped to a 16-month low in June due to fears high inflation could cause the economy to slow significantly in the second half of the year.

Renewed worries over the potential for a global recession drove investors into the safe haven dollar, and the dollar index remained firm at 104.5.

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