BANGKOK (AP) — Asian shares slipped on Monday, with Chinese markets logging moderate losses after reopening from a weeklong holiday to news of a fresh set of lockdowns due to rising COVID-19 cases.
The declines followed yet another dismal end to the week on Wall Street as a strong U.S. jobs report added to worries the Federal Reserve might consider the higher-than-expected hiring data as proof the economy hasn’t slowed enough to get inflation under control. That might mean still more hefty rate hikes that could make a recession more likely.
A U.S. consumer prices report on Thursday will be one of the biggest factors for markets this week. Investors also are awaiting the latest updates on how companies are dealing with higher prices and interest rate hikes.
Markets were closed Monday in Tokyo, Taiwan and South Korea. The Hang Seng in Hong Kong fell 2.8% to 17,249.33 while the Shanghai Composite index shed 1.7% to 2,974.15.. Bangkok's SET lost 1% and India's Sensex gave up 0.2%.
Chinese cities were imposing more lockdowns and travel restrictions after the number of new daily COVID-19 cases tripled during a weeklong holiday, ahead of a major Communist Party meeting in Beijing next week.
China is one of the few places still resorting to harsh measures to keep the disease from spreading. The long-ruling Communist Party is particularly concerned as it tries to present a positive image of the nation in the run-up to a once-in-five-years party congress that starts Sunday. The strict “zero-COVID” approach has taken an economic toll, particularly on small businesses and temporary workers. Many in China hope the pandemic policy will ease after the meeting.
Follow the link.
https://www.msn.com/en-us/money/mar...ses-as-specter-of-recession-looms/ar-AA12MzJn
The declines followed yet another dismal end to the week on Wall Street as a strong U.S. jobs report added to worries the Federal Reserve might consider the higher-than-expected hiring data as proof the economy hasn’t slowed enough to get inflation under control. That might mean still more hefty rate hikes that could make a recession more likely.
A U.S. consumer prices report on Thursday will be one of the biggest factors for markets this week. Investors also are awaiting the latest updates on how companies are dealing with higher prices and interest rate hikes.
Markets were closed Monday in Tokyo, Taiwan and South Korea. The Hang Seng in Hong Kong fell 2.8% to 17,249.33 while the Shanghai Composite index shed 1.7% to 2,974.15.. Bangkok's SET lost 1% and India's Sensex gave up 0.2%.
Chinese cities were imposing more lockdowns and travel restrictions after the number of new daily COVID-19 cases tripled during a weeklong holiday, ahead of a major Communist Party meeting in Beijing next week.
China is one of the few places still resorting to harsh measures to keep the disease from spreading. The long-ruling Communist Party is particularly concerned as it tries to present a positive image of the nation in the run-up to a once-in-five-years party congress that starts Sunday. The strict “zero-COVID” approach has taken an economic toll, particularly on small businesses and temporary workers. Many in China hope the pandemic policy will ease after the meeting.
Follow the link.
https://www.msn.com/en-us/money/mar...ses-as-specter-of-recession-looms/ar-AA12MzJn