Asian stocks lose bounce from shorter China quarantine, slip on inflation fears

  • 📰 malaymail
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 86%

United States News News

United States United States Latest News,United States United States Headlines

TOKYO, June 29 — Stocks fell across Asia on Wednesday morning, extending overnight losses on Wall Street amid concerns over recession, inflation and high oil prices, which also...

TOKYO, June 29 — Stocks fell across Asia on Wednesday morning, extending overnight losses on Wall Street amid concerns over recession, inflation and high oil prices, which also boosted the safe-haven dollar.

Asian shares had ended the previous session on a positive trajectory after China announced an easing of its quarantine requirements for inbound passengers, in what some observes saw as the biggest relaxation so far of its “zero Covid” strategy.“Inevitably, markets tend to overreact to these sorts of news,” said Carlos Casanova, senior economist at UBP in Hong Kong. “In order for that to be sustainable, we really want to see these measures materialise into actual reopening.” Chinese blue chips .

Renewed worries over the potential for a global recession sent investors to the safe haven dollar, and the dollar index remained firm at 104.4. The yen has struggled as the Bank of Japan keeps monetary policy loose even as other major banks tighten, a point reiterated by BOJ governor Haruhiko Kuroda on Wednesday.Oil prices fell back slightly after three sessions of gains, but global supply tightness underpinned the market. An overnight report suggested that Saudi Arabia and the United Arab Emirates are unable to raise output significantly in the near future.

 

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

 /  🏆 1. in US

United States United States Latest News, United States United States Headlines

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

Asian stocks buoyed by Wall Street gains as easing oil cools inflation fearsTOKYO, June 27 — Stocks gained in Asia today amid improved risk sentiment after Wall Street rebounded strongly at the end of last week as oil prices eased, tempering fears of...
Source: malaymail - 🏆 1. / 86 Read more »