Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Asia stocks sink, Hong Kong rallies on reopening hopes

Stock Markets Dec 08, 2022 07:08
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
JP225
+0.40%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
HK50
-1.36%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NSEI
+1.38%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BSESN
+1.52%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SSEC
-0.68%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
0981
-0.90%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Ambar Warrick

Investing.com-- Most Asian stock markets sank on Thursday as mixed economic signals from Japan and fears of a U.S. recession dented sentiment, although the Hang Seng index rallied on reports that Hong Kong plans to further relax COVID curbs

The Hang Seng index surged nearly 3% as a local media outlet said that the local government plans to follow China in relaxing more COVID curbs.

China on Wednesday announced the further relaxation of movement curbs and testing mandates in most major cities, its biggest yet loosening of anti-COVID measures.

The move indicated that Beijing plans to further scale back its strict zero-COVID policy, which could bode well for local markets that were battered by weakening economic trends this year.

Heavyweight technology stocks in Hong Kong logged strong gains after U.S. lawmakers scaled back plans for imposing curbs on the use of Chinese-made chips by the government. Semiconductor Manufacturing International Corp (HK:0981), which was the main target of the curbs, saw its shares rise 1%.

Chinese markets were muted, given that the country is still grappling with a record-high daily increase in COVID-19 cases. Analysts expect cases to increase even further as Beijing relaxes curbs, which could spur some uncertainty over when the country will announce a full reopening.

The Shanghai Shenzhen CSI 300 and Shanghai Composite indexes lost 0.2% each.

Broader Asian stocks sank on Thursday amid growing concerns over a global recession.

Japan’s Nikkei 225 index shed 0.6% after data showed the country logged an unexpected current account deficit in the third quarter.

But the country’s third-quarter GDP was also revised a shade higher, showing that the Japanese economy contracted slightly lesser than estimated thanks to robust business and consumer spending.

Still, high inflation and a weakening yen are expected to weigh on Asia’s second-largest economy in the coming months, especially as global economic conditions deteriorate.

Concerns over a potential U.S. recession rose this week, as several market participants warned that high inflation and interest could trigger such a scenario in 2023. U.S. inflation data due on Friday and next week is expected to provide more clarity on price pressures.

Markets are also cautious ahead of the Federal Reserve's last meeting for the year, which is set to conclude on Wednesday.

Bucking the trend, Indian stocks rose slightly on Thursday, supported by a positive economic outlook for the country. The Nifty 50 and BSE Sensex 30 indexes rose about 0.1% each and traded close to record highs.

Asia stocks sink, Hong Kong rallies on reopening hopes
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email