August 17, 2022

Market and Financial News

Market and Financial News Aggregator

Asian Markets Mostly Lower On Recession Worries

2 min read

Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues overnight from Wall Street, after weak US consumer confidence data stoked fear among investors about the risk that higher interest rates and persistent inflation could trigger a recession. Asian Markets closed mostly higher on Tuesday.

A survey showed a measure of U.S. consumer confidence deteriorated to its lowest level in over a year in June on surging inflation.

The Australian stock market is sharply lower on Wednesday, giving up some of the gains in the previous four sessions, with the benchmark S&P/ASX 200 falling below the 6,700 level, following the broadly negative cues overnight from Wall Street, dragged by gold miners and technology stocks, which mirrored their peers on tech-heavy Nasdaq amid discouraging US consumer confidence data.

The benchmark S&P/ASX 200 Index is losing 70.40 points or 1.04 percent to 6,693.20, after hitting a low of 6,666.40 earlier. The broader All Ordinaries Index is down 83.10 points or 1.20 percent to 6,870.30. Australian stocks ended significantly higher on Tuesday.

Among major miners, Rio Tinto and BHP Group are edging down 0.5 percent each, while OZ Minerals is losing more than 2 percent. Fortescue Metals is gaining more than 1 percent and Mineral Resources is flat.

Oil stocks are higher. Beach energy is surging more than 4 percent, Woodside Energy is gaining 2.5 percent and Santos is adding almost 1 percent, while Origin Energy is flat.

In the tech space, Afterpay owner Block and Zip are plunging more than 6 percent each, while Appen is slipping 5.5 percent, WiseTech Global is losing almost 3 percent and Xero is declining more than 5 percent.

Among the big four banks, National Australia Bank and Westpac are edging up 0.4 percent each, while ANZ Banking is gaining almost 1 percent. Commonwealth Bank is edging down 0.4 percent.

Among gold miners, Gold Road Resources and Evolution Mining are losing more than 4 percent each, while Resolute…

2022-06-28 23:29:26

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