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Asian Stocks Down, Weighs Down by Uncertain Economic Outlook

Asian Stocks Down, Weighs Down by Uncertain Economic Outlook © Reuters

By Zhang Mengying

Investing.com – Asia Pacific stocks were mostly down on Thursday morning as investors were worried about an economic downturn.

Japan’s gained 0.19% by 10:27 PM ET (2:27 AM GMT). With the Bank of Japan keeping stimulatory policies, the yen extended its slide to a 20-year low against the dollar.

South Korea’s fell 0.64%.

In Australia, the was down 1.07%

Hong Kong’s Index was down 0.41%

China’s was down 0.42% while the fell 0.54%. is due later in the day, reopening of top cities Beijing and Shanghai might have offered some support to trade.

10-year Treasuries Yields advanced to 3.03%.

Oil passed $122 a barrel, stoked worries about rising costs and monetary tightening.

Investors continued worrying about a potential recession caused by interest rate hikes, they now await Friday’s for more hints on the interest rate hike path.

Adding to the grim global growth outlook, warned on Wednesday that the world economy will pay a “hefty price” for the war in Ukraine including weaker growth, stronger inflation, and persistent damage to supply chains.

“Our view is that the chance of recession by the end of 2023 is 40% or so,”  Wells Fargo Securities LLC equity strategist Anna Han told Bloomberg.

An “upward surprise” from Friday’s U.S. CPI release could flatten the Treasury yield curve, Han added.

Meanwhile, the European Central Bank is set to lay the ground for interest rate hikes in its Thursday meeting, and announce an end to bond purchases.

China’s and data are due on Friday.

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