Asian shares were mostly lower Wednesday after tepid trading on Wall Street amid worries about a global recession.
Major benchmarks fell across Asia. Oil prices recouped some lost ground after plunging on Monday. Analysts said markets were focusing on a variety of risks, including inflation, oil prices, moves by the U.S. Federal Reserve and other central banks on interest rates, political developments in Britain and worries over COVID-19.Major benchmarks fell across Asia. Oil prices recouped some lost ground after plunging on Monday.
“Although China has had another wave of COVID, nothing new or market-related seemed to justify the severity of the move,” said Stephen Innes, managing partner at SPI Asset Management about the oil prices.Australia’s S&P/ASX 200 XJO slipped 0.3% to 6,603.20. South Korea’s Kospi 180721 shed 1.6% to 2,303. Hong Kong’s Hang Seng HSI dropped 1.6% to 21,493.93 while the Shanghai Composite SHCOMP slid 1.2% to 3,361.38.
The S&P 500 SPX rose 0.2% to 3,831.39. The Nasdaq COMP climbed 1.7% to 3,831.39. The Dow Jones Industrial Average DJIA remained in the red, losing 0.4% to 30,967.82. Small-company stocks bounced back after a downbeat start. The Russell 2000 RUT gained 0.8% to 1,741.33. “The market is really taking the growth slowdown as the primary driver today,” said Paul Kim, CEO of Simplified Asset Management. “So you’re seeing a modest sell-off in risk assets, but a significant sell-off in oil, energy, commodities tied to growth, as well as a a modest drop in yields.”
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