On Wednesday, Asian stocks were mostly lower as concerns mounted over the global economy’s health following the Wall Street crash despite better-than-expected gaining reports.
Sydney, Shanghai, Tokyo, and Seoul fell while Hongkong rose in early trade.
“From the banking crisis still looming just beneath the surface, to the knowledge that Russia has an incredibly accurate long-range missile that nobody can stop, to the onslaught from China and the US. With tensions, more sanctions on Russia and China, and a likely further collapse in global trade and a recurrence of higher inflation, the risks are huge,” announced the chief economist at ACY securities, Clifford Bennett.
“Escalating trade pressure between the US and China keeps weighing on market sentiment. Recent reports point to the US urging South Korean companies not to fulfill chip orders to Chine if US-listed companies are not allowed to enter China, adding to the uncertainty,” Anderson Alves at ActivTrades said.
The First Republic Bank posted its biggest loss in S&P 5oo as its shares nearly halved after it said its customers had withdrawn more than $100 billion in the first three months of the year. That doesn’t include the $30 billion in deposits that big banks have placed to boost confidence in their rivals after the second and third-biggest US bank failures shook that confidence.
Tuesday’s report showed that consumer confidence fell more than expected in April to its lowest since July. This decline is discouraging as consumer spending makes up most of the US economy.
The Federal Reserve gathers next week, and most of Wall Street expects it to hike rates at least one more time before taking a breather.
In the bond exchange, the 10-year treasury yield decreased to 3.39% from 3.50% at the end of Monday.
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