Asian markets struggle amid recession fears

By Agence France-Presse

Jul 02, 2022 12:09 am

HONG KONG: Asian markets struggled again on Friday following another selloff on Wall Street fueled by recession fears, with warnings of a bleak outlook for the global economy as central banks slam on the brakes to battle soaring inflation.

Data showing US consumers — the backbone of the world's top economy — were growing increasingly reticent about spending dealt a fresh blow to equities on Thursday, with the S&P 500 suffering its worst January-June since 1970.

RECESSION TREPIDATION Aerial photo taken on Thursday, June 30, 2022, shows a China-Europe freight train ready for departure at the Tuanjiecun station in southwest China’s Chongqing Municipality. Asian markets struggled again on Friday following another selloff on Wall Street fueled by recession fears, with warnings of a bleak outlook for the global economy as central banks slam on the brakes to battle soaring inflation. XINHUA PHOTO

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