Asian markets sank Tuesday following a big selloff on Wall Street and ahead of a key Federal Reserve policy decision later in the week, while data showing a bounce in Chinese economic activity failed to lift the mood.
After spending most of January chalking up gains owing to easing concerns over inflation and interest rates, traders have this week taken a step back with recession talk still filling the air.
The post-meeting statement and comments from bank boss Jerome Powell will be pored over for an idea about officials' thinking on future hikes. Hong Kong, which has led gains so far this year, was one of the worst-hit dropping close to two percent, while Tokyo, Shanghai, Sydney, Singapore, Taipei, Manila, Bangkok and Jakarta were also well in the red.Seoul was dragged by a sharp fall in Samsung, which said fourth-quarter operating profits plunged nearly 70 percent, the biggest drop in more than eight years, as electronics and chips sales tanked.
While the news was welcome, National Bureau of Statistics statistician Zhao Qinghe warned there were still"many manufacturing and services firms that reported insufficient market demand in January, which is still the biggest problem faced by firms".Still, the International Monetary Fund said it saw the global economy picking up this year, citing strong consumption and investment, and China's emergence from Covid restrictions.
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