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.

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