Asia report: Shares lower as recession fears persist
By Frank Prenesti
Date: Wednesday 06 Jul 2022
(Sharecast News) - Asian shares were lower on Wednesday as driven by persistent fears of a global recession.
Investors are fretting that a slowdown in global growth will slash demand as central bankers ratchet up monetary tightening to fight high inflation.
Sentiment was also hit by a sharp fall in oil prices overnight, with Brent crude falling to below $100 a barrel.
In equity markets, Hong Kong's Hang Seng index fell 1.5%. Chinese blue chips fell 1.5% on the back of worries about new Covid-19 cases in Shanghai risking fresh restrictions. South Korea's Kospi was down 2.13%.
Tokyo shares fell 1.14%, with commodities trading firms Mitsui & Co and Mitsubishi Corp down more than 5% after former Russian president Dmitry Medvedev threatened oil and gas supply cuts to Japan.
Australian shares were off 0.41%, while Singapore's Straits Times index was flat.
Reporting by Frank Prenesti at Sharecast.com
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