European markets pause new year rally while Asian equities slid after China posted weak fourth-quarter economic data
on Tuesday, keeping investors on edge over the prospects of a global recession.
China’s growth for 2022 of 3% was far below the official target of about 5.5%. Excluding a 2.2% expansion after COVID-19 first hit in 2020, it was the worst showing in nearly half a century. Market players said investors were taking stock of how economies would expand as inflation peaks and central bank tightening of monetary policy slows, with the China data underscoring doubts over whether it could act as a spur.
The yen steadied around 128.51 on Tuesday after hitting a top of 127.22 per dollar on Monday, with traders braced for sharp moves when the Bank of Japan concludes a two-day meeting on Wednesday.
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