Asian markets settle mostly lower on Friday

01 Jul 2022 Evaluate

Asian markets settled mostly lower on Friday tracking weakness in Wall Street overnight after data showed US household spending slowed in May amid historically high inflation and elevated interest rates, which raised the prospect that the US economy has contracted for a second consecutive quarter this year. Meanwhile, a slew of surveys showed that Asia's manufacturing activity slowed in June as many companies were hit by supply disruptions caused by China's strict Covid-19 lockdowns, also fueled recession fears and weighed on market sentiments. Chinese shares declined, despite data showed the Caixin/ Markit manufacturing Purchasing Managers' Index (PMI) for June rose to 51.7 from 48.1 last month. Seoul shares dropped after South Korea posted a record-high trade deficit during the first half of 2022. Moreover, Japanese shares fell as dismal manufacturing and unemployment data stoked concerns about the economic outlook. Meanwhile, market in Hong Kong was closed for a holiday.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,387.64	-10.98	-0.32
Hang Seng	--	--	--
Jakarta Composite	6,794.33	-117.25	-1.70
KLSE Composite	1,449.74	5.52	0.38
Nikkei 225	25,935.62	-457.42	-1.73
Straits Times	3,095.59	-6.62	-0.21
KOSPI Composite	2,305.42	-27.22	-1.17
Taiwan Weighted	14,343.08	-482.65	-3.26

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