Asian shares tumbled Wednesday after a wobbly day ended with mixed results on Wall Street as markets churn over the prospect of a possible recession.
Tokyo’s Nikkei 225 index JP:NIK sank 2.2% while the Kospi KR:180721 in Seoul lost 2.8%. In Sydney, the S&P/ASX 200 AU:XJO gave up 0.9%.Tokyo’s Nikkei 225 index NIK sank 2.2% while the Kospi 180721 in Seoul lost 2.8%. In Sydney, the S&P/ASX 200 XJO gave up 0.9%.
On Tuesday, the S&P 500 SPX slipped 0.2% to 3,647.29, its sixth consecutive loss. The Dow DJIA fell 0.4% to 29,134.99, while the Nasdaq composite COMP wound up with a 0.2% gain, closing at 10,829.50. Central banks around the world have been raising interest rates in an effort to make borrowing more expensive and cool the hottest inflation in decades. The Federal Reserve has been particularly aggressive and raised its benchmark rate, which affects many consumer and business loans, again last week. It now sits at a range of 3% to 3.25%. It was at virtually zero at the start of the year.
Bond yields were mostly higher Tuesday. The yield on the 2-year Treasury, which tends to follow expectations for Federal Reserve action, fell to 4.31% from 4.34% late Monday. It is trading at its highest level since 2007. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.98% from 3.93%.
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