Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Asian Stocks Down as Uncertain Economic Outlook Remains

Stock Markets May 22, 2022 10:35PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Asia-Pacific stocks were mostly down on Monday morning, with investors continuing to assess the economic growth outlook for the world’s largest economies and whether a recent selloff will continue.

Japan’s Nikkei 225 gained 0.45% by 10:25 PM ET (2:25 AM GMT), while South Korea’s KOSPI inched down 0.01%.

In Australia, the ASX 200 inched up 0.05%. Saturday’s election that delivered a clear victory for Australia’s Labor Party gave the Australian dollar a boost, and Anthony Albanese was sworn in as the country's 31st prime minister earlier in the day.

Hong Kong’s Hang Seng Index fell 1.29%.

China’s Shanghai Composite was down 0.44% and the Shenzhen Component was down 0.32%. The People’s Bank of China held the one-year loan prime rate (LPR) at 3.7%, but cut the five-year LPR to 4.45%, on Friday.

Nasdaq 100 and S&P 500 futures rose about 1%, but the S&P 500 fell for a seventh consecutive week in a stretch of weakness unseen since 2001.

U.S. Treasuries gave up some of Friday’s gains, with investors debating the U.S. Federal Reserve’s tighter monetary policy as concerns continue to grow about an economic slowdown.

However, uncertainty remains as concerns about slowing economic growth and the ongoing war in Ukraine, perpetrated by the Russian invasion on Feb. 24. Commodity prices remain elevated due to the war, while supply chains remain disrupted due to ongoing COVID-19 restrictive measures in China.

“As macro-economic concerns stemming from aggressive monetary tightening, the Russia-Ukraine conflict, and China’s stringent COVID-19 lockdowns persist, we anticipate great volatility in the market,” Federated Hermes Ltd. Global Equities Portfolio Manager Louise Dudley said in a note.

Investors now await the minutes from the last Fed meeting, due on Wednesday. St. Louis Fed President James Bullard said the central bank should front-load a series of interest rate hikes to push rates to 3.5% at the end of 2022, which if successful would curb inflation and could lead to easing in 2023 or 2024.

Atlanta Fed President Raphael Bostic and Kansas City Fed President Esther George are also due to speak later in the day.

Across the Atlantic, European Central Bank (ECB) Governing Council members Robert Holzmann and Joachim Nagel will be joined by Bank of England Governor Andrew Bailey to discuss inflation at an event later in the day

Meanwhile, the Reserve Bank of New Zealand will hand down its policy decision on Wednesday, with the Bank of Korea following a day later.

On the data front, the Eurozone manufacturing and services purchasing managers’ indexes (PMIs) are due on Tuesday, with the ECB publishing its Financial Stability Review a day later.

U.S. new home sales, as well as the manufacturing and services PMIs, are due Tuesday, with the GDP due on Thursday. The Core Personal Consumption Expenditure (PCE) prices index and the University of Michigan consumer sentiment will follow a day later.

 
Asian Stocks Down as Uncertain Economic Outlook Remains
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email