By Zhang Mengying
Investment.com – Asia Pacific stocks fell on Wednesday morning as recession warnings grew louder despite a jump in US stocks.
Japan inched up 0.01% at 10:30 PM ET (2:30 AM GMT). The yen fluctuated near a 24-year low against the dollar as the Japanese leadership kept monetary policy extremely loose while major global peers took a hawkish stance while the Finance Minister Japan’s chief Shunichi Suzuki said on Tuesday that he is concerned about the recent sharp weakening of the yen. and will react appropriately to foreign exchange market moves if necessary.
Korea down 1.74%
In Australia, the increment fell 0.06%.
Hong Kong’s down 0.55%
China inched 0.09% while down 0.17%.
And has increased by more than 2%.
The yield on the US 10-year Treasury note was little changed at 3.27%.
The US Federal Reserve’s aggressive tightening of the currency to cool down inflation and growing recession concerns are weighing on the market.
warned that the United States was headed for a recession.
“The Fed has engaged in a policy mix that we would describe as tough times,” Columbia Threadneedle Investments global head of fixed income Gene Tannuzzo told Bloomberg.
“You have to plan your defense at this point. There are many questions about all risky assets. ”
Bank of Richmond Fed President Thomas Barkin said the central bank should raise interest rates as quickly as possible without undue harm to financial markets or the economy.
Fed Chairman Jerome Powell will begin his two-day testimony before Congress later today, with investors looking for more indications on the Fed’s path to rate hikes.
On the data front, will be out on Thursday while will be released on Friday.