Asian stocks tick up as investors weigh recession risks

MSCI's broadest index of Asia-Pacific shares outside Japan edged up from a two-month low and had risen 1.02% by the afternoon. Japan's Nikkei closed up 1.47%.

FTSE futures were up 1.16% and Euro STOXX futures were up 1.17% ahead of European markets opening. S&P 500 futures were up 0.31%. "The coincidence of fairly hot job market data and far more resilient ISM services ... further underpins the point that the Fed is unlikely to step down the pace and intensity of tightening," said Mizuho economist Vishnu Varathan.

"Are they leaning into the recessionary fears or continuing to press on that the Fed has to go above neutral as quickly as possible and contain inflation no matter the cost to growth?" Brent crude futures dipped below $100 a barrel early in the Asia session but recovered and were last at $100.88, down almost 10% for the week so far. Shanghai copper steadied but has lost 20% in a month.

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