Stocks hesitant as recession fears overshadow China reopening hope

Drops in Asia and Europe followed steep losses on Wall Street after the heads of leading US banks warned of tough times ahead in 2023.

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 would have to push interest rates higher than hoped. "Any hopes that the Fed would turn more dovish in the months ahead have been dashed significantly as the vast US services industry is where sticky inflation hangs out," said SPI Asset Management's Stephen Innes.

"It would appear the recovery in stocks -- bear-market rally, or otherwise -- has run out of steam, and investors are left wondering whether what follows next is another test of the lows or simply a correction of that impressive two-month surge," said market analyst Craig Erlam at trading platform OANDA.

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