Asia stocks dip after poor U.S. data stokes recession fears

TOKYO - Asian stocks dipped early Wednesday after poor U.S. economic data stoked global recession fears and further soured investor sentiment already hurt by heightened trade war concerns.

The U.S. manufacturing sector contracted in August for the first time since 2016 amid worries about a weakening global economy and rising trade tensions between China and the United States, the Institute for Supply Management’s report on Tuesday showed. According to CME’s FedWatch tool, traders have almost fully priced in a 25 basis point interest rate cut at the Fed’s Sept. 17-18 policy meeting while expectations for another 25 bp reduction being implemented at the October meeting have risen to 61% from 53% over the past month.

Sterling was last at $1.2090 after falling on Tuesday to $1.1959, the lowest level since October 2016.

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