Asian shares are trading lower, echoing a broad sell-off on Wall Street amid speculation about another interest rate raise from the U.S. Federal Reserve
A person wearing a protective mask walks in front of an electronic stock board showing Japan's Nikkei 225 and New York Dow indexes at a securities firm Tuesday, Aug. 23, 2022, in Tokyo. Asian shares are trading lower Tuesday, echoing a broad sell-off on Wall Street amid speculation about another interest rate raise from the U.S. Federal Reserve.
“The downbeat mood in Wall Street is playing out in the Asia session as well, and although another round of rate cuts to benchmark lending rate in China yesterday may aid to cushion some losses, overall upside could still remain limited amid the shunning of risks,” said Yeap Jun Rong, market strategist at IG in Singapore.Japan's benchmark Nikkei 225 lost 1.3% in morning trading to 28,413.04. Australia's S&P/ASX 200 slid 0.5% to 7,009.30. South Korea's Kospi dipped nearly 1.
Technology companies and retailers had some of the heaviest losses Monday. Smaller company stocks also lost ground, pulling the Russell 2000 index 2.1% lower. “You’ve had quite a rally and there’s reason to not be sure where we’re going from here,” said Tom Martin, senior portfolio manager with Globalt Investments. “There's still decent potential for a recession.”for more rate hikes despite signs of weaker economic activity. Traders worry aggressive steps to slow the economy might go too far and bring on a recession.
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