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Stock market: recession fears sink Asia, eyes on Sintra

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Medium-sized enterprises beat the crisis and run more than GDP (ANSA)

(ANSA) – MILAN, JUN 29 – Asian stock exchanges closed in red, interrupting a series of four consecutive rises, discounting renewed fears about the effects that monetary tightening could have on global growth and the ugly session on Wall Street.

Tokyo closed down 0.91%, Seoul by 1.82%, Sydney by 0.94%. Hong Kong is losing 1.7%, while Shenzhen (-1.16%) and Shanghai (-0.65%) are also down despite the decision of the Beijing authorities to reduce the quarantine periods for those arriving in China , a possible sign of a softening of that ‘zero Covid’ policy that scares the markets so much. Futures on Europe are negative while those on Wall Street move just above par.

Investors’ eyes are on Sintra where, in the early afternoon, a panel will be attended by the presidents of the Fed, ECB and Bank of England. The final GDP figure for the first quarter is expected from the US, whose decline could fall to 1.4% after -1.5% at the first reading, while indications on the price rush will come from inflation in June in Spain and Germany, which will pave the way for Friday’s Eurozone consumer price index.

Fears of a cooling in global demand are holding back oil, with WTI down 0.2% to $ 111.5 and Brent down 0.3% to $ 117.6. Euro weak on the dollar, with the single currency slipping below 1.05, at 1.0492 (-0.26%).


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Source: Ansa

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