Asian stocks closed mostly lower on Thursday (30), amid lingering fears about the possibility of a US recession, but Chinese markets were boosted by data that signaled expansion of economic activity.
Japan’s Nikkei stock index tumbled 1.54% in Tokyo today to 26,393.04 points, while the Hang Seng dropped 0.62% in Hong Kong to 21,859.79 points, South Korean Kospi lost 1.91% in Seoul, at 2,332.64 points, and Taiex lost 2.72% in Taiwan, at 14,825.73 points.
On Wednesday, a review showed that US GDP shrank at an annualized pace of 1.6% in the first quarter, slightly more than previously estimated.
The indicator reinforced concerns about the risks of recession in the world’s largest economy, at a time when the Federal Reserve (Fed, the US central bank) is raising interest rates at an aggressive pace to combat the soaring inflation.
On the other hand, China, the second largest global economic power, once again showed signs of growth. Official PMIs showed that both the industry and the country’s services segment expanded in June, after three straight months of contraction.
In recent weeks, the Chinese government has been reversing restriction measures amid signs that the latest Covid-19 outbreaks are under control.
In mainland China, the Shanghai Composite rose 1.10% on Thursday to 3,398.62 points, and the less comprehensive Shenzhen Composite rose 1.35% to 2,224.15 points.
In Oceania, the Australian stock exchange followed the prevailing tone in Asia, and the S&P/ASX 200 fell 1.97% in Sydney, at 6,568.10 points.
Source: CNN Brasil
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