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Asian stocks mixed after Wall St declines on recession concerns

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Asian stock markets were mixed Thursday after Wall Street edged lower amid fears that higher interest rates will chill global economic growth.

BEIJING — Asian stock markets were mixed Thursday after Wall Street edged lower amid fears higher interest rates will chill global economic growth.

Federal Reserve Chair Jerome Powell, talking to members of Congress, said Wednesday that while the U.S. central bank doesn’t need to “provoke a recession,” one is a possibility due to rate hikes to cool inflation that is running at four-decade highs. The Kospi 180721 in Seoul retreated 0.4% to 2,331.52, while Sydney’s S&P-ASX 200 XJO rose 0.3% to 6,529.90. New Zealand, Bangkok and Singapore advanced while Jakarta fell.

The S&P 500 SPX declined to 3,759.89. Stocks in the index were evenly split between gainers and decliners.

 

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