Home WORLDS TRENDING Wall Street recovery, currencies, oil

Wall Street recovery, currencies, oil


SINGAPORE — Asia-Pacific shares slipped on Wednesday despite Wall Street recovering most of its losses by the close. Oil futures rose after plunging overnight.

Japan’s Nikkei 225 fell about 1% and the Topix index slipped 1.09%.

In South Korea, the Kospi declined 0.74%, but the Kosdaq gained 0.82%.

The S&P/ASX 200 in Australia was fractionally lower.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.24% lower.

There is no doubt that recession is the biggest issue markets are currently grappling with.

Ben Snider

Senior strategist, Goldman Sachs

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U.S. stock indexes initially fell sharply on Tuesday stateside before rallying in the afternoon. The Nasdaq Composite ended the session 1.75% higher at 11,322.24, while the S&P 500 was up 0.16% at 3,831.39.

The Dow Jones Industrial Average shed 129.44 points, or 0.4%.

The U.S. 10-year Treasury yield and the 2-year yield inverted on Tuesday in the U.S., a closely watched measure that signals recession. Longer duration yields are usually higher than shorter duration yields. But the 2-year yield was last at 2.8469, above the 10-year yield of 2.8418.

“There is no doubt that recession is the biggest issue markets are currently grappling with, both equity, fixed income and frankly commodity markets as well,” Ben Snider, a senior strategist at Goldman Sachs, told CNBC’s “Squawk Box Asia” on Wednesday.

In central bank news, Bank Negara Malaysia is expected to release its monetary policy statement today. Analysts polled by Reuters expect the bank to raise rates by 25 basis points.

Currencies and oil

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