Asian Markets Up After Wall Street Battering Over Recession Fears

Asian markets up after Wall Street battering over recession fears

Hong Kong, (UrduPoint / Pakistan Point News - 20th May, 2022 ) :Asian markets opened higher Friday, as bargain-hunters capitalised on the battering Wall Street took the day before after decades-high inflation sparked recession fears.

Downcast earning reports from retailers have heightened uncertainty in the world markets at a time of rising interest rates, surging energy prices.

Leading indices have see-sawed at even the slightest anticipation of volatility -- or relief -- and the risk of a global recession is "top-of-mind" for investors, said Stephen Innes of SPI Asset Management.

"But as the procession to recession shortens, growth concerns are rising, leaving equities vulnerable to the negative feedback loop," he added.

"What would typically be met with a shoulder shrug, incrementally weaker data can now amplify downside move. And with few positive developments of late, the market remains vulnerable to the prevailing narrative, with the negative feedback loop only growing louder in recent sessions."Wall Street had a tough run this week, thanks to back-to-back earnings misses from Walmart and Target which revealed difficulties managing rising costs, as well as weaker-than-expected Chinese economic data.

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