Asian stocks slide on recession fears over China’s lockdowns

Sydney — Asian markets were in retreat on Monday as US stock futures slid on rate worries, and a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession.

There was no let-up in China's zero-Covid-19 policy with Shanghai tightening the citywide Covid-19 lockdown for 25-million residents. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9%, and Japan's nikkei 2.1%. Chinese blue chips eased 0.6%, while the yuan touched another 18-month low to trade at 6.7049 per dollar.

“The Fed is not the only central bank facing inflation pressures. Increasingly, the guidance from the ECB [European Central Bank] is becoming a lot more hawkish.” The aggressive rate outlook saw the US dollar scale 20-year highs on a basket of majors last week at 104.070, and it was last trading firm at 104.030.

Philippines Philippines Latest News, Philippines Philippines Headlines

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

JSE faces continued Asian market pressure on MondayInvestors remain jittery as they consider the willingness of central banks to aggressively fight inflation at the expense of growth
Source: BDliveSA - 🏆 12. / 63 Read more »

South African stocks take a hammering in worst week since 2020South African stocks have felt investors’ aversion to risk more sharply than their emerging-market peers, sliding toward the worst weekly slump since October 2020.
Source: BusinessTechSA - 🏆 24. / 61 Read more »