Asian Stock Market falls for 4 days
2022.12.08 01:22
Asian Stock Market falls for 4 days
Budrigannews.com – The Hang Seng index rose on reports that Hong Kong plans to further relax COVID curbs. The index surged nearly 3% when a local media outlet said that the local government plans to follow China in relaxing more COVID curbs. On Thursday, mixed economic signals from Japan and fears of a recession in the United States dented sentiment.
China’s most recent loosening of COVID regulations came on Wednesday with the announcement of additional easing of movement restrictions and testing requirements in most major cities.
The move suggested that Beijing intends to further relax its stringent zero-COVID policy, which may be good news for the local markets, which have been harmed by this year’s weakening economic trends.
After lawmakers in the United States cut back on plans for the government to impose regulations, major technology stocks in Hong Kong experienced significant gains. International Corporation for Semiconductor Manufacturing (HK:), whose shares increased by 1%, which was the primary target of the curbs.
Given that the country is still dealing with a daily increase in COVID-19 cases that is still at a record high, Chinese markets were muted. As Beijing eases restrictions, analysts anticipate an even higher number of cases, which may cause some uncertainty regarding the country’s full reopening announcement.
Each index suffered a 0.2% decline.
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On Thursday, worries about a global recession grew and broad Asian stocks fell.
Japan recorded an unexpected third quarter, which resulted in a 0.6% decrease in the index.
However, the country’s was also revised slightly higher, indicating that robust business and consumer spending helped the Japanese economy contract slightly less than anticipated.
Nonetheless, Asia’s second-largest economy is expected to be impacted in the coming months by high and a weakening, particularly as global economic conditions worsen.
This week, a number of market participants warned that high inflation and interest rates could set off a recession in the United States in 2023. The upcoming U.S. inflation data is anticipated to shed more light on price pressures.
In advance of the, which is scheduled to conclude on Wednesday, markets are also cautious.
Indian stocks rose slightly on Thursday, defying the trend and being supported by a favorable economic outlook for the nation. Each of the and indexes gained approximately 1% and reached close to record highs.
