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  • By The Financial District

Asian Shares Sink As Recession Woes Worsen

Shares retreated in Asia on Friday, Dec. 2, 2022, after a mixed day on Wall Street as optimism over signs the Federal Reserve may temper its aggressive interest rate hikes was replaced by worries the economy might be headed for a recession, Elaine Kurtenbach reported for the Associated Press (AP).


Photo Insert: Signs of weakening trade, especially for export dependent economies in Asia, have deepened worries over slowing growth in China and its implications for the global economy.



Signs of weakening trade, especially for export dependent economies in Asia, have deepened worries over slowing growth in China and its implications for the global economy.


Tokyo’s Nikkei 225 index lost 1.7% to 27,750.22 and the Hang Seng in Hong Kong declined 0.7% to 18,612.49. The Kospi in Seoul shed 1.4% to 2,445.86.



The Shanghai Composite index gave up 0.3% to 3,154.74 and Australia’s S&P/ASX 200 slipped 0.7% to 7,305.70. Bangkok’s SET index lost 0.4% and the Sensex in Mumbai was down 0.6%.


That followed a 0.1% decline in the benchmark S&P 500, which closed at 4,076.57 on Thursday. The Dow Jones Industrial Average fell 0.6% to 34,395.01, while the Nasdaq edged 0.1% higher to 11,482.45. The Russell 2000 index of small companies also took a step back, falling 0.3% to close at 1,881.68.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

In other trading Friday, US benchmark crude oil lost 6 cents to $81.16 per barrel in electronic trading on the New York Mercantile Exchange. It gained 67 cents to $81.22 per barrel on Thursday. Brent crude oil, the standard for pricing oil for international trading, added 12 cents to $87.00 a barrel.


The US dollar slipped to 135.10 Japanese yen from 135.31 yen late Thursday. The euro was unchanged at $1.0522, Damian J. Troise and Alex Veiga also reported for AP.



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