Market Updates
Asian Markets Turn Lower On Recession Worries
Arjun Pandit
07 Sep, 2022
Mumbai
Asian markets in Wednesday's trading turned lower on recession worries despite the falling energy prices for the third day in a row.
Indexes in China closed marginally down after export growth slowed to 7.1% in August from 18% in July, General Administration of Customs in Beijing said Wednesday.
Import growth fell to 0.3% in August from 2.3% in July.
The Shanghai Stock Exchange Composite Index inched up 2.85 to 3,246,29 and the Hang Seng Index fell 0.8% to 19,044.30.
In Tokyo, investors focused on the rapid decline in yen for the third day in a row. The yen dropped 1% to 144,32, prompting Finance Minister Shunichi Suzuki to caution that the government will be ready to act, if needed.
The Nikkei 225 Index fell 0.7% to 27,430.30 and the broader Topix declined 0.6% to 1,915.65.
With weak markets in Asia and Europe, popular indexes in India eased in the final hour of trading on Wednesday.
The Sensex closed down 168.08 points or 0.28% to 59,028.91 and the Nifty index declined 31.20 points or 0.18% to 17,624.40
The KOSPI Index in Seoul, Korea declined 1.4% to 2,376.46 after the won dropped to a 13-year low of 1,377 against a dollar.
Semiconductor makers and steel companies led the decliners in Seoul trading.
In Sydney, Australia, the ASX 200 Index plunged 1.4% to 6,729.30 after energy and commodities prices eased.
The Australian dollar dropped to a two-year low to $1.477 despite the Reserve Bank of Australian lifting its key lending rate by 50 basis points this week.
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