Markets are falling in the Asia Pacific region after declines in the US and Europe. Analysts believe that fear of a recession has increased.
After the slump on Wall Street on Friday, and a complete turnaround in Russia, there is a mixed mood for stock exchanges in the Asia-Pacific region.
This is what it looks like at 4:20 PM:
- The Nikkei 225 index fell in Tokyo by 0.20 percent
- Hong Kong’s Hang Seng fell 0.14%.
- The Shanghai Composite Index fell 0.74 percent
- Seoul’s Kospi Index rose 0.48%.
- The FTSE Straits Times Index in Singapore rose 0.3%.
- The Sydney ASX 200 Index fell 0.41 per cent
Decline on Wall Street
Asia-Pacific markets are falling after a decline on Wall Street. The Nasdaq Technology Index was the biggest loser and ended Friday down 1.01 percent.
In a letter early Monday, CMC Markets analyst Tina Teng wrote that there was fear on Wall Street on Friday, according to CNBC.
“Economic concerns have taken center stage again as fears of a recession grow, with interest rates rising in both Europe and the US rattling global markets,” she says.
Norway and Great Britain both clicked last week with double jumps in interest rates of 0.5 percentage point each. The main interest rate here at home is now 3.75 per cent, 5 per cent in Great Britain.
Producer prices rise in Japan
Prices in Japan’s service sector rose 1.6 percent year-on-year in May. This was unchanged compared to the growth rate in April, which was also 1.6 percent, he writes CNBC.
This puts the index at 108.5, down 0.1 percent compared to April which was 108.6.
The Producer Price Index (PPI) measures the average price movements that domestic producers receive for the services they sell.
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