Stocks hit as recession fears overshadow China reopening hope

HONG KONG: Most stocks suffered more selling on Wednesday while oil held losses on growing fears Federal Reserve monetary tightening will tip the US economy into recession.

The comments added to the downbeat mood that has coursed through trading floors at the start of the week, after forecast-beating reports on jobs and the giant US services sector fanned worries the Fed will have to push interest rates higher than hoped. He added that the latest readings suggest rates will go above five per cent before the Fed stops hiking, while several observers have suggested they will not be reduced until 2024.

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