Asian shares lose ground amid anxiety about looming US recession
Equities give up small gains made on Tuesday as investors wrestle with a shift in US bond markets
Tokyo — Asian shares slipped on Wednesday, giving up small gains made the previous day as investors tried to come to terms with a sharp shift in US bond markets and the implications for the world’s top economy. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1% while Japan’s Nikkei average lost 0.6%. Chinese stocks bucked the trend, with the benchmark Shanghai Composite rebounding 0.6%, the blue-chip CSI 300 climbing 1.1%, and Hong Kong’s Hang Seng advancing 0.5%. Wall Street’s main indexes tallied solid gains on Tuesday but finished below their session highs in a reflection of the underlying concerns about the economic outlook. The S&P 500 gained 0.72% while the Nasdaq Composite added 0.71%. The 10-year US Treasuries yield inched to as high as 2.432% from Monday’s 15-month low of 2.377%, though the yield curve remained inverted, with three-month bills yielding 2.461%. The inversion spooked many investors as this phenomenon has preceded every US recession over the...
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