Asian Shares Mostly Up Despite Recession Fears
Shares were mostly higher in Asia on Tuesday despite growing worries over the risks of recession as prices push sharply higher while economies are still recovering from the impact of the pandemic, Elaine Kurtenbach reported for the Associated Press (AP).
Photo Insert: The Shanghai Composite index edged 0.1% higher.
Most major markets advanced though Hong Kong declined, weighed down by worries over Chinese property developers and regulatory crackdowns on technology companies.
Rising prices for energy and food are adding to the concerns over how central banks will bring inflation under control without hindering a revival of business activity following the doldrums brought on by efforts to vanquish coronavirus outbreaks.
The conflict in Ukraine, which has added to those price pressures, showed no signs of easing as Russia launched a long-feared, broad ground offensive Monday, seeking to take control of Ukraine’s east.
Tokyo’s Nikkei 225 index rose 0.6% to 26,957.78 and the Kospi in Seoul jumped 1% to 2,719.12. In Australia, the S&P/ASX 200 advanced 0.5% to 7,560.60 while the Shanghai Composite index edged 0.1% higher, to 3,199.30. Hong Kong’s Hang Seng index dropped 1.9% to 21,118.18, while India’s Sensex lost 0.1% to 57,110.32.
On Wall Street, stocks closed slightly lower after a wobbly day of trading Monday, as worries about interest rates and inflation overshadowed some better-than-expected profit reports.
The S&P 500 slipped less than 0.1% to 4,391.69. The Dow Jones Industrial Average lost 0.1% to 34,411.69 and the Nasdaq composite index fell 0.1% to 13,332.36. Smaller stocks also faltered, with the Russell 2000 index finishing down 0.7% at 1,990.13.