Asian markets mixed as S&P 500 nears bear market, Biden set to unveil new Indo-Pacific trade pact
Investors were awaiting minutes from the latest policy setting meeting of the Federal Reserve and updates on consumer prices, due later this week.Investors were awaiting minutes from the latest policy setting meeting of the Federal Reserve and updates on consumer prices, due later this week.
The Nikkei 225 NIK in Tokyo gained 0.5%. President Joe Biden’s visit to Japan and South Korea was due to result in the launching of a U.S. initiative on economic cooperation and security. Hong Kong’s Hang Seng index HSI lost 1.3% while the Shanghai Composite index SHCOMP declined 0.4%. Stocks edged higher in Taiwan Y9999 , but fell in Singapore STI and Indonesia JAKIDX .
But analysts said the policy stance of the newly elected administration was not significantly different from the incumbent government and major changes were not expected. Many big tech stocks, seen as some of the most vulnerable to rising interest rates, have already fallen much more than 20% this year. That includes a 37.2% tumble for Tesla TSLA and a 69.1% nosedive for Netflix NFLX .
Goldman Sachs economists recently put the probabilty of a U.S. recession in the next two years at 35%.
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