Asian stocks close slightly higher on fears of weakening global economy

Asian stocks closed with only modest gains on Monday (23), as fears persist over the prospect of a weakening global economy.

the japanese stock index Nikkei it rose more significantly in Tokyo, 0.98%, to 27,001.52 points, but other markets were close to stability.

In mainland China, the Shanghai Composite ended the session with a marginal gain of 0.01% to 3,146.86 points, and the less comprehensive Shenzhen Composite rose 0.56% to 1,994.76 points.

Elsewhere in Asia, South Korean Kospi advanced 0.31% in Seoul, at 2,647.38 points, and Taiex secured a slight appreciation of 0.07% in Taiwan, at 16,156.41 points.

Exception, Hang Seng fell 1.19% in Hong Kong, to 20,470.06 points, pressured by technology stocks.

The mood in Asia and elsewhere is one of caution as high inflation, interest rate hikes, China’s slowdown amid the fight against Covid-19 and the war in Ukraine weigh on the global economy, which could even face a recession this year, according to the Institute of International Finance (IIF).

Over the past week, New York stocks have racked up losses of 3% to nearly 4%, and the S&P 500 was briefly in the bear market — 20% below its most recent peak — on fears that the ongoing monetary tightening harm the US economy.

On a visit to Japan, US President Joe Biden announced on Monday a new economic and trade cooperation initiative with 12 Indo-Pacific countries. Biden also said that Washington would interfere militarily if Taiwan became a target of Chinese aggression.

In Oceania, the Australian stock market was practically stable, with a slight increase of 0.05% of the S&P/ASX 200 in Sydney, at 7,148.90 points.

With information from Dow Jones Newswires and Associated Press