HONG KONG, July 4 — Markets swung today as traders fret over a possible recession caused by central bank interest rate hikes aimed at fighting soaring inflation.
“While the data is suggesting a US economic slowdown is coming, we are not yet seeing signs of an ease in inflationary pressures, an important distinction given the Fed will continue with its aggressive tightening approach until it sees evidence of the latter,” he said in a commentary. A rise in new Covid cases in China over the weekend weighed on sentiment among investors who fear a return to the painful lockdowns in major cities including Shanghai, which hammered the world’s number two economy.
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