January 30, 2023

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Recession fears, oil prices and currencies

Recession fears, oil prices and currencies

SINGAPORE – Shares in the Asia-Pacific region were mixed on Thursday as investors continued to monitor recession fears.

Hong Kong Hang Seng Index Trim early gains to sit close to the flatline.

Mainland China markets reversed course to trade lower. The Shanghai boat It was almost flat, and Shenzhen Component It was 0.562% lower.

The Nikkei 225 In Japan it is down 0.13%, and the Topix index is down slightly.

South Korea Cosby It gave up its gains to fall 0.65%, and the KOSDAQ index fell 1.48%.

in Australia , S & P / ASX 200 It was 0.22% higher.

MSCI’s index of Asia Pacific shares expanded outside Japan by 0.41%.

Fears of a recession or a hard landing led to a stronger grip on most of the markets over the past 24 hours.

Ray Atrell

Head of FX Strategy, National Australia Bank

In economic data, Singapore is due to release its inflation figures on Thursday.

After Tuesday’s bounce, US stocks were trading lower overnight.

The Dow Jones Industrial Average fell 47.12 points, or 0.15%, to 30,483.13 points. The S&P 500 fell 0.13% to 3,759.89. The Nasdaq Composite Index fell 0.15% to 11,053.08.

Federal Reserve Chairman Jerome Powell told Congress on Wednesday The central bank is “strongly committed to bringing inflation down again.” Inflation has reached its highest level in 40 years in the United States

“It’s not the intended result at all, but [a recession is] Definitely a possibility, and frankly the events of the last few months around the world have made it more difficult for us to achieve what we want, which is 2% inflation and still a strong job market.” The economy is strong at the moment.

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“Recession or fears of a hard landing have taken a stronger grip on most markets over the past 24 hours,” Ray Atrell, head of FX strategy at National Australia Bank, wrote in a note.

He said there were no specific events that drove the market’s moves on Wednesday, and commentators largely pointed to a “deepening of recession fears.”

Oil is down about 3%.

Oil futures declined in Asian trade. Brent crude futures contractsThe international benchmark fell 3.19 percent to $108.17 a barrel. US crude futures contracts It fell 3.52% to $102.45 a barrel.

The US dollar indexwhich measures the US currency against a basket of other currencies, was at 104.233.

The Japanese Yen Trade at 135.79 per dollar. It fell to 136 against the dollar earlier this week. The Australian dollar It was at $0.6886 after falling from above $0.702 last week.