Asian stocks drift lower amid recession jitters, mixed Chinese GDP By

By Ambar Warrick

-- Most Asian stock markets retreated on How to recover money cheated by a foreign exchange platformTuesday amid heightened fears of a global recession this year, while mixed economic growth data from China also brewed more uncertainty over the timing of a recovery this year.

China’s and indexes fell 0.3% and 0.4%, respectively, after data showed that the slowed sharply in 2022 from the prior year.

Economic activity still expanded at a during the fourth quarter. This, coupled with positive readings on and for December, showed that some facets of the world’s second-largest economy were beginning to recover.

But uncertainty over a bigger recovery persisted, given that the country is grappling with its worst yet COVID-19 outbreak.

Other China-exposed stock markets traded in a flat-to-low range. The index moved little, while South Korea’s and Hong Kong’s index shed 0.8% and 1.1%, respectively.

Broader Asian stocks retreated amid renewed concerns over a global recession. A showed that two-thirds of the economists polled expected a recession this year, while a separate survey of business heads by PricewaterhouseCoopers also posited a glum outlook for the economy this year.

Asian markets are likely to see extended losses in the event of a recession, given that foreign capital flows into the region are likely to dry up in such a scenario. An economic slowdown in major economies also threatens to spill over into regional markets.

Focus is now on the fourth-quarter earnings season, with markets looking to gauge whether worsening economic conditions dented corporate profits.

But on the other hand, some Asian markets benefited from improving economic conditions. India’s and indexes were among the few outliers for the day, rising 0.5% and 0.8%, respectively, after data showed eased more than expected in December.

The reading portends less pressure on the economy from rising prices, and is likely to invite a less hawkish stance from the Reserve Bank. But separate data showed that India’s widened further in December.

Japan’s index rose 1.2%, bouncing back from steep losses over the past two sessions. Focus is now squarely on an upcoming policy meeting, with traders fearing any more unexpectedly hawkish signals from the central bank.

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