Investors pull plug on share markets in Asia, Nikkei 225 falls 245 points

Lola Evans
29 Jun 2022, 17:37 GMT+10

Stocks in Asia fell sharply on Wednesday following large falls on Wall Street overnight.
"It's all pointing to rising expectations of an economic slowdown, potentially a recession in the U.S."
In Japan, the Nikkei 225 declined 244.87 points or 0.91 percent to 26,804.60.

NEW YORK, New York - Stocks in Asia fell sharply on Wednesday following large falls on Wall Street blamed on fears of a looming recession.

"It's all pointing to rising expectations of an economic slowdown, potentially a recession in the U.S. economy, maybe as soon as this year," Carlos Casanova, senior economist at UBP in Hong Kong told Reuters news agency Wednesday.

In Japan, the Nikkei 225 declined 244.87 points or 0.91 percent to 26,804.60.

China's Shanghai Composite retreated 47.69 points or 1.40 percent to 3,361.52.

The Australian All Ordinaries was stripped of 75.50 points or 1.09 percent to close Wednesday at 6,877.90.

In New Zealand, the S&P/NZX 50 fell 59.99 points or 0.54 percent to 10,958.81.

South Korea's Kospi Composite plummeted 44.10 points or 1.82 percent to 2,377.99.

The Hang Seng in Hong Kong declined 422.08 points or 1.88 percent to 21,996.89.

The U.S. dollar was robust on Wednesday during the Asian trading session. The euro wilted to 1.0502 around the Sydney close. The British pound was lacking interest at 1.2182. The Japanese yen firmed a tad to 136.07. The Swiss franc was little changed at 0.9568.

The Canadian dollar traded in a tight range around 1.2877. The Australian dollar gave up defending the crucial 0.69 level to soften to 0.6885. The New Zealand dollar was unwanted at 0.6238.

Overnight on Wall Street, the Nasdaq Composite was the hardest hit index, losing 2.98 percent or 343.06 points. The index closed at 11,181.54.

The Dow Jones industrials dived 491.27 points or 1.56 percent to 30,946.99.

The Standard and Poor's 500 retreated 78/56 points or 2.01 percent to 3,821.55.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Iraq Sun.

More Information

45 ℃

Blowing Dust / Windy in Baghdad

International

Section

Would a new Cold War be in the best interest of the United States?

As China unleashed live-fire military exercises off the coast of Taiwan, simulating a real "reunification by force" operation in the ...

Myanmar deposed leader Aung San Suu Kyi to serve six additional years in prison

NAYPYIDAW, Myanmar - According to a legal official, a court in Myanmar has sentenced former leader Aung San Suu Kyi ...

China, Nepal to build rail, communications network across Himalayas

BEIJING, China: Following a meeting between their foreign ministers, China and Nepal have agreed to build the Trans-Himalayan Multi-Dimensional Connectivity ...

Heatwave continues in China as temperatures exceed 40C

BEIJING, China: Several regions in China experienced temperatures exceeding 40 degrees Celsius, including the major southwestern city of Chongqing.The country's ...