Share prices were mixed in Asia on Friday after China reported its economy contracted by 2.6 per cent in the last quarter as virus shutdowns kept businesses closed and people at home.
Share prices were mixed in Asia on Friday after China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home.Tokyo's Nikkei 225 index added 0.5% to 26,788.47. The Kospi in Seoul was up 0.2% at 2,327.76 and shares also rose in India and Taiwan.
Anti-virus controls shut down Shanghai, site of the world's busiest port, and other manufacturing centers starting in late March, fueling concerns global trade and manufacturing might be disrupted. Millions of families were confined to their homes, depressing consumer spending. Small-company stocks fell more than the broader market in another signal that investors are worried about economic growth. The Russell 2000 fell 1.1% to 1,707.51.
Pervasive inflation has been squeezing businesses and consumers for months and the Federal Reserve has moved aggressively to try to bring prices down by raising interest rates. That has raised concerns that it could go too far and actually cause a recession."Within the gloom, buyers are attempting to seek for some pockets of optimism. Guidance for economic conditions from the major U.S. banks point towards an impending slowdown, but it came with some downplaying of risks of a severe U.S.
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