BANGKOK, Dec. 21 (BNA): Stocks in Asia fell on Friday after a mixed day on Wall Street as optimism over signs the Federal Reserve may ease its aggressive interest rate hikes was replaced by fears that the economy was heading into recession.
A closely watched measure of US inflation was eased in October, raising questions about the central bank’s intent to continue raising interest rates to tame price increases.
US manufacturing activity contracted in November for the first time since May 2020, according to the Institute for Supply Management. The report also showed that prices are falling, according to the Associated Press.
IG’s Jun Rong Yeap said in a report that slowing growth due to tighter monetary policies has slowed new orders and order backlogs, “resulting in manufacturing conditions contracting for the first time since June 2020.”
Signs of weak trade, particularly for export-dependent economies in Asia, have deepened concerns about slowing growth in China and its implications for the global economy.
Nikkei 225 in Tokyo fell 1.7% to 27750.22 and Hang Seng in Hong Kong fell 0.7% to 18612.49. Seoul’s Kospi Index fell 1.4%, to 2,445.86.
Signs of weak trade, particularly for export-dependent economies in Asia, have deepened concerns about slowing growth in China and its implications for the global economy.
Nikkei 225 in Tokyo fell 1.7% to 27750.22 and Hang Seng in Hong Kong fell 0.7% to 18612.49. Seoul’s Kospi Index fell 1.4%, to 2,445.86.
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