HomeFinancial MarketsAsian Markets Slide Amid Recession Warnings

Asian Markets Slide Amid Recession Warnings

Asian markets waned on Friday as global concerns of a coming recession prompted mass selloffs. Both the World Bank and the International Monetary Fund warned of the possibility, with European markets looking set to follow Asia’s trend as investors brace for an impending U.S. rate hike.

MSCI’s broadest index of Asia-Pacific outside Japan was down 1.1% on Friday with stocks being sold on mass throughout morning trading. Japan’s NIKKEI declined by 1% while China’s CSI300 Index lost 0.86%. Hong Kong’s Hang Seng Index fell by 1.1% while Australian shares plumetted by 1.34%.

European stocks were also on the decline during early trading, with the pan-region Euro Stoxx 50 futures down 0.76%. German DAX futures fell 0.93% while FTSE futures were down 0.61%.

U.S. stocks showed early signs of decline as well, with S&P 500 e-mini futures slipping 0.7%.

While the International Monetary Fund is confident that several nations will slip into recession in the coming year, the body warns that it is not yet certain of an absolute global recession, explaining that it is still too early to confirm.

The World Bank remains more confident in its outlook, explaining that a global recession is likely as central banks across the world simultaneously boost interest rates in an effort to combat inflation.

Brazil’s October Job Creation Falls Short of Expectations

Brazil's Labor Ministry released its formal net jobs creation data on Tuesday, showing a net gain of 159,454 jobs for the month of October....

Apple to Lose Millions of iPhones Due to Factory Turmoil

Apple Inc. is set to incur a production shortfall of up to six million iPhones following Covid-related turmoil at the company's key manufacturing hub...

Saudi Aramco Begins Exploring $1 Billion IPO

Saudi Aramco Base Oil Co., the refining unit of the state-owned Saudi oil company, has begun planning for its initial public offering (IPO) on...