© Reuters.By Ambar Warrick
Investing.com-- Most Asian stocks traded in a flat-to-low range on Wednesday as a swathe of weak data ramped up concerns over slowing economic growth, with Japan’s Nikkei index falling the most amid some profit taking.
Regional trading volumes were also limited on account of a holiday in China and Hong Kong.
The sank 1.6%, and was the worst performer among Asian stocks on Wednesday as losses in automobile and energy stocks weighed. Investors locked in some profits after the index marked three straight days of gains.
Strength in the also weighed on export-oriented stocks, as the Japanese currency saw increased safe haven demand amid growing fears of a U.S. recession.
Risk sentiment was battered this week following a string of softer-than-expected economic readings from major economies. sank in overnight trade after data showed , while JPMorgan (NYSE:) CEO Jamie Dimon warned that turmoil in the banking sector was not yet over.
Federal Reserve officials also warned that could keep rising despite slowing economic growth.
This, coupled with signs of prolonged weakness in global manufacturing, ramped up concerns over a potential recession this year. A spike in oil prices, following a surprise output cut by the Organization of Petroleum Exporting Countries (OPEC), also pushed up fears of high fuel prices keeping inflation elevated.
Appetite for most risk-driven assets was limited, while safe havens such as and the yen rallied.
Among Asian stocks, the was flat, while led losses in Southeast Asia with a 0.6% decline.
were among the few outliers for the day, rising 0.5% after data showed eased more than expected in March. South Korea’s also added 0.4% after data earlier this week showed was easing.
Australia’s fell 0.1% after Reserve Bank Governor Philip Lowe warned that the bank could still keep raising interest rates to curb high inflation, even after it held rates steady on Tuesday.
India’s and indexes rose 0.4% each in catch-up trade after a holiday on Tuesday. Focus is now on a on Thursday, which is likely to result in a rate hike.
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April 05, 2023 at 11:33AM
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Asian stocks left rudderless amid recession fears, Nikkei slides By Investing.com - Investing.com
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