Asian stocks finished Monday’s session significantly lower after weak economic data from Europe and a growing concern of potential recession in the U.S. economy.
Moreover, Kerry Craig, a global market strategist at JP Morgan Asset Management said that given how solid equities have increased this year, it is not surprising that investors were already curious about how much further they could go up.
The mainland Chinese markets were lower at the end of today’s session. The Shanghai Composite finished the session in the red, falling 1.97 percent or 61.12 points to close at 3043.03 pressured by the massive losses across all sectors, especially Financials, Energy and Telecommunications Services sectors.
Hong Kong’s main index Hang Seng finished today’s session in the red, declining by 2.03 percent or 590 points to close at 28523.35, the Healthcare, Energy, Consumer Cyclical and Technology were the sectors that suffered the most losses.
Elsewhere, the South Korean main index KOSPI ended today’s session in the red, falling by 1.92 percent to close at 2144.86 pressured by losses in most of the sectors, mainly the in Technology and Consumer Cyclicals sectors.
Japanese Stock Market:
Japanese stocks finished Monday’s session lower where the main index fell by 3.01 percent or 650.23 points to settle at 20977.11 pressured by the losses in most of the sectors, especially Energy, Healthcare, and Industrials sectors.
In corporate news, Mitsubishi Logistics Corp was the best performer of today’s trading session that rose by 0.75 percent. On the other hand, Eisai Co Ltd and was the worst performer of the session, plummeting by 19.83 percent.
In the Forex news, the Japanese Yen rose against the Greenback to trade at 110.219 at 13:00 GMT.
Australian Stock Market:
Australia’s main index S&P/ASX200 closed today’s trading session in the red as it fell by 1.11 percent as investors switched to a more conservative asset on growing concerns about a possible U.S. recession to settle at 6126.2. There was a decline in most of the sectors in today’s session, Technology and Energy were the sectors that suffered the most.
In corporate news, Newcrest Mining Ltd and Spark New Zealand Ltd were the best performers in today’s trading session adding 3.19 percent and 2.88 percent respectively, While Eclipx Group Ltd was the worst performer of the session that tumbled by 12.75 percent.
In the Forex market, the Aussie rose against the Greenback to trade at 0.70961 at 13:00 GMT.
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