Asian stocks hit as recession fears overshadow China reopening hope

The drop followed another day deep in the red for New York's three main indexes after the heads of Wall Street's leading banks warned of tough times ahead in 2023.

The comments added to the downbeat mood that has coursed through trading floors at the start of the week, after forecast-beating reports on jobs and the giant US services sector fanned worries the Fed will have to push interest rates higher than hoped. "Any hopes that the Fed would turn more dovish in the months ahead have been dashed significantly as the vast US services industry is where sticky inflation hangs out," said SPI Asset Management's Stephen Innes.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Asian stocks mixed with focus on Fed, China Covid: markets wrapAsian stocks were mixed on Tuesday as investors weighed unexpectedly strong US services data and China’s accelerated moves toward exiting its Covid-Zero policy.
Source: dailymaverick - 🏆 3. / 84 Read more »

Asian stocks ease from three-month highsMuted performance in equities comes after global stocks and treasury prices fall
Source: BDliveSA - 🏆 12. / 63 Read more »

Business Maverick: Tech Stocks Drive Selloff as Bank CEOs Sound Alarm: Markets WrapStocks slumped after downbeat economic warnings from bank chiefs at a time when concern about the impacts of Federal Reserve policy on corporate earnings is running rampant.
Source: dailymaverick - 🏆 3. / 84 Read more »