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.
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