Asian markets settled sharply lower on Monday after an unexpected jump in US inflation data reinforced bets on steep interest rate hikes by the US Federal Reserve and an impending recession. Moreover, a flare-up in Covid-19 cases in China’s capital Beijing also weighed on market sentiments. In Beijing, authorities raced to contain a Covid-19 outbreak on Monday traced to a raucous 24-hour bar known for cheap liquor and big crowds, with millions facing mandatory testing and thousands under targeted lockdowns. Japanese shares dropped after US stocks posted their biggest weekly drop since January on last Friday overnight, while investors were awaiting the interest rate decision by the Bank of Japan due on Friday. Confidence among large Japanese manufacturers weakened further in the second quarter, business outlook survey results from the Ministry of Finance showed.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,255.55 | -29.28 | -0.89 |
Hang Seng | 21,067.58 | -738.60 | -3.39 |
Jakarta Composite | 6,995.44 | -91.21 | -1.29 |
KLSE Composite | 1,464.83 | -29.12 | -1.95 |
Nikkei 225 | 26,987.44 | -836.85 | -3.01 |
Straits Times | 3,139.35 | -42.38 | -1.33 |
KOSPI Composite | 2,504.51 | -91.36 | -3.52 |
Taiwan Weighted | 16,070.98 | -389.14 | -2.36 |
