Asian stock markets rose Friday after Wall Street losses deepened as worries grow that the U.S. economy is headed for recession.
Traders worry the Federal Reserve and other central banks might be willing to tip Western economies into recession as they try to extinguish inflation that is at multi-decade highs.Traders worry the Federal Reserve and other central banks might be willing to tip Western economies into recession as they try to extinguish inflation that is at multi-decade highs.
“That again implies more hikes to come and then a long hiatus, not the imminent reversal markets are pricing for,” Rabobank said in a report. The Kospi 180721 in Seoul advanced 0.4% and Sydney’s S&P/ASX 200 XJO was 0.1% higher. Benchmarks in New Zealand NZ50GR , Singapore STI , Malaysia FBMKLCI and Indonesia JAKIDX rose.
Reports showed weakness in the U.S. housing industry and manufacturing in the mid-Atlantic region, though they weren’t quite as bad as expected and the job market appears healthy. They followed worse readings than expected Wednesday on retail sales, a cornerstone of the economy, and industrial production.
France Dernières Nouvelles, France Actualités
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