Stocks in Asia and the Pacific closed without a single direction on Tuesday (10), after Wall Street suffered a tumble on Monday amid concerns that interest rate hikes in the US will lead to stagnation in the world’s largest economy.
Coming back from a holiday, Hang Seng led losses in the region, with Hong Kong falling 1.84% to 19,633.69 points.
The Nikkei fell 0.58% in Tokyo, at 26,167.10 points, while the South Korean Kospi dropped 0.55% in Seoul, at 2,596.56 points, the lowest level in 17 months.
In Oceania, the Australian stock exchange was also in the red, influenced by mining and oil shares. The S&P/ASX 200 was down 0.98% in Sydney at 7,051.20 points.
On Monday (9), the New York stock exchanges suffered very sharp losses, which exceeded 4% in the case of the Nasdaq, which is largely made up of technology companies and ended up putting pressure on shares of Chinese giants in the sector traded in Hong Kong, like Alibaba (-4.81%) and Tencent (-2.29%).
Business on Wall Street has been punished by the prospect that the Federal Reserve (Fed, the US central bank) will continue to raise interest rates aggressively to fight inflation, which has gained new strength in recent months amid the war between Russia and Ukraine. The fear is that the US will end up in recession.
China’s markets, however, dodged the bad mood in other parts of Asia on Tuesday, helped by banking papers. The Shanghai Composite rose 1.06% to 3,035.84 points, and the less comprehensive Shenzhen Composite rose 1.53% to 1,894.39 points.
Still on the radar, however, are the negative effects of Beijing’s “zero tolerance” policy against Covid-19 on the Chinese economy. In Taiwan, the Taiex was close to stability, with a slight gain of 0.08%, at 16,061.70 points.
*With information from Dow Jones Newswires
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
