Asian markets rise after Wall Street losses amid recession fears
CTV
Asian stock markets rose Friday after Wall Street losses deepened as worries grow that the U.S. economy is headed for recession.
Asian stock markets rose Friday after Wall Street losses deepened as worries grow that the U.S. economy is headed for recession.
Shanghai, Tokyo and Hong Kong advanced. Seoul declined. Oil prices gained.
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.
A Fed board member, Lael Brainard, and President Christine Lagarde of the European Central Bank, in separate appearances Thursday, affirmed plans to keep interest rates elevated despite market hopes central banks might scale back plans due to indications economic activity might be cooling.
"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 Shanghai Composite Index rose 0.6% to 3,258.90 and the Nikkei 225 in Tokyo gained 0.4% to 26,499.02. The Hang Seng in Hong Kong gained 1.1% to 21,890.56.
The Kospi in Seoul advanced 0.5% to 2,391.49 and Sydney's S&P-ASX 200 added 0.3% to 7,455.20.
