The refurbished Hong Kong Stock Exchange in Hong Kong, China, on June 24 2022. Picture: BERTHA WANG/BLOOMBERG
The index has fallen 16% so far this year, as worries that central banks around the world will push economies into recession to break red-hot inflation have sent investors running for cover. Overnight the Wall Street Journal reported Biden was contemplating rolling back some tariffs on Chinese imports in an effort to slow inflation. Chinese shares, however, were volatile, and gave up their early gains, with blue chips last down 0.6%.
Those concerns were centre stage in South Korea, where June inflation accelerated to the fastest pace since the Asian financial crisis, fanning expectations the central bank could deliver a 50 basis point rate hike for the first time next week to cool prices.