Asian stock markets suffer losses for third session - 24 April 2023
CONCERNS OVER THE RECESSION AND POTENTIAL RATE HIKES WEIGH DOWN ASIAN STOCKS FURTHER . Asian stock markets continued to suffer losses for the third straight session on Friday. Weak data and hawkish signals from the Federal Reserve exacerbated concerns over an economic slowdown, leading to a sell-off in most markets. The Chinese markets were among the worst performers, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes falling over 1% each. Investors remained cautious due to concerns over a mixed economic recovery in the country, with the manufacturing sector continuing to struggle. While the Chinese economy grew more than expected in the first quarter, the weak data on foreign direct investment in March raised doubts over the economy’s rebound this year. In Japan, the Nikkei 225 index also fell 0.2% due to sticky consumer price index inflation through March. The reading added pressure on the Bank of Japan to eventually tighten policy, despite dovish signals from ne...