February 4, 2023

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Asian Shares Decline On Rate Hike, Growth Worries

2 min read

Asian stocks ended Thursday’s session mostly lower amid concerns that high inflation and rising interest rates may hamper economic growth and eat into corporate profits.

The dollar rose as far as 130.23 yen, its highest since May 11, supported by rising U.S. Treasury yields while oil prices fell sharply ahead of an OPEC+ meeting.

The Financial Times reported that Saudi Arabia was prepared to pump more oil to compensate for any Russian output loss because of the Western sanctions imposed on it.

China’s Composite index rose 0.42 percent to 3,195.46 after China’s cabinet announced detailed measures to support infrastructure construction and counter economic slowdown.

Hong Kong’s Hang Seng index dropped 1 percent to 21,082.13 amid signs of rising Covid-19 infections in the city.

Japanese shares edged lower from a six-week high as investors remained focussed on inflation ahead of U.S. jobs data due on Friday.

The Nikkei average slipped 0.16 percent to 27,413.88, after having ended at the highest since April 21 the previous day. The broader Topix index closed 0.63 percent lower at 1,926.39. M3, Sony and Fujitsu lost 3-4 percent.

Seoul stocks tumbled to snap a three-day winning streak amid renewed worries about the world economy possibly going into a recession.

A private- sector survey showed earlier in the day that South Korea’s factory activity growth slowed in May as output and new export orders decreased amid supply-chain disruptions.

The Kospi average fell 1 percent to close at 2,658.99, dragged down by shipping and construction firms. CJ Logistics, Hyundai Engineering & Construction and HMM gave up 3-5 percent.

Australian stocks retreated following hawkish rhetoric from the Bank of Canada and JP Morgan’s warning on the economy.

The benchmark S&P/ASX200 index slid 0.8 percent to 7,175.90 while the broader All Ordinaries ended 0.83 percent lower at 7,400.80.

Tech stocks led losses, with Block and Xero losing 5 percent and 3 percent, respectively. Woodside Energy…

2022-06-02 04:47:03

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