Asian stocks stumble on weak China growth

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 63%

Nigeria News News

China’s economy contracts in the second quarter as Covid lockdowns hit industrial production and consumer spending

Singapore — Asian stocks hit a two-year low on Friday and were heading for a weekly loss, while the dollar was set for its third week of gains as a fresh slew of rate hikes around the world deepened concerns about the outlook for global economic growth.

MSCI’s index of Asia-Pacific shares outside Japan fell 0.5% in early trade to a two-year low, dragged down by concerns about China’s property market where homeowner threats to cease mortgage payments have spooked markets. “They continue to face challenges of Covid-19 resurgence. The property market offers greater pessimism and potential for crisis if they don’t manage it properly.”

The S&P 500 finished 0.3% lower but futures were up 0.35% in Asia after Federal Reserve governor Christopher Waller and St Louis Fed president James Bullard poured some cold water on talk of a 100 bps hikes later in July. Short-end US Treasuries held steady overnight, but the two-year yield, at 3.1217%, is about 17 basis points higher than the benchmark 10-year yield, an unusual inversion of the yield curve that often points to recession.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

You saved my life out of all debt I do think I could ever tell you how much you mean to me l will keep telling people about your good work in my life Melisa_Daniel1

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines