Egypt to operate exceptional flights to 8 destinations to repatriate nationals    Interior Ministry arrests over 5,000 for violating precautionary measures    Egypt takes two pronged approach to finding COVID-19 treatment    Egyptian singer Nehal Nabil tested positive for coronavirus    We Are One: Global film festival launches amid pandemic    Gilead says remdesivir helped moderate COVID-19 patients improve    Full squad training resumes in Spain ahead of soccer restart    Zimbabwe debut on Netflix with single mother film 'Cook Off'    Twitter changes color in solidarity with Black Lives Matter    Five players to look out for when Portuguese season restarts    Kremlin says Putin 'supports dialogue' after Trump's proposed G7 invite    Trump held call with Facebook's CEO Mark Zuckerberg over protest posts    Samsung to add memory chip line in South Korea as coronavirus boosts demand    Egypt's dairy maker Domty profits surge to $2 mln in Q1    Pope Tawadros II heads empty mass celebrating entry of Jesus Christ into Egypt    Amazon's CEO invests in UK digital freight forwarder Beacon    French soccer player apologizes for taking part in a match    Homes Real Estate anticipates EGP 750m sales for developers by year-end    We Are One film festival announces first ever co-curated programme line-up    Zamalek re-hang ‘Real Club of the Century' billboard after removing CAF logo    China warns US it will retaliate on moves over Hong Kong    Egypt's PM orders virus treatment cost at private hospitals be capped    Egyptian banks to open until 2pm in light of curfew hours    Unrest overshadows peaceful US protests for another night    KHL Real Estate eyes EGP 2bn sales for developers in 2020    Construction permits temporarily suspended to stimulate sales in new cities    Egypt's Dakahlia Governor returns to work after coronavirus recovery    Egypt's stock exchange incurs losses in May, EGX 30 tumbles 3.16%    Russia has no objection to earlier OPEC+ meeting -sources    Armed Forces neutralise 19 militants in North Sinai operations    Protests escalate as Trump threatens military intervention    Egyptian Football Association to hold meeting for league's future: board member    Egypt considers 'gradual resumption' of int'l flights in 2nd half of June or 1st half of July: Cabinet spokesman    Nike releases new ad addressing racism in America    19 takfiris killed in North Sinai operations, 5 army personnel 'killed or injured': Armed Forces    Al-Sisi, Macron discuss Libya developments, agree on further consultations    In Photos: Remembering Egyptian actress Madiha Yousri    Veteran Hassan Hosny leaves behind 50 year star-studded legacy    Farwell to 89-year old Egyptian actor Hassan Hosny    Ethiopia says it won't accept Egypt's ‘historic rights' to Nile water    Salah did not pressure administration to include players on team: Ghazal    Egypt removes 484 illegal constructions and encroachments on Nile    MACIC celebrates World Day for Cultural Diversity with webinar    European football set to restart despite coronavirus    Sisi congratulates Egyptians on occasion of Eid Al-Fitr    Egypt's interior ministry gives gifts to families of policemen killed or injured in the line of duty    Egyptian police kill 21 terrorists who plotted attacks on Eid El-Fitr    Egypt's 12 MPs came into contact with coronavirus infected parliamentarian    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Asian markets plummet amid recession worries; Japan shares fall over 3%
Published in Amwal Al Ghad on 25 - 03 - 2019

Asian markets dropped sharply on Monday afternoon after disappointing economic data from Europe and a closely-watched signal of potential recession in U.S. appeared on Friday.
The broader MSCI Asia-ex Japan index fell 1.61 percent to 521.21, as of 12:14 p.m. HK/SIN.
The Nikkei 225 in Japan dropped more than 3 percent in the afternoon, with shares of index heavyweights Fast Retailing, Softbank Group and Fanuc all falling sharply. The Topix index declined 2.71 percent.
Shares in mainland China tumbled by the end of the morning session, with the Shanghai composite and Shenzhen component both declining more than 1 percent each. The Shenzhen composite fell 0.908 percent.
Meanwhile, the Hang Seng index in Hong Kong dropped 1.78 percent as shares of Chinese tech giant Tencent fell more than 2.5 percent.
Over in South Korea, the Kospi declined 1.66 percent as chipmaker SK Hynix saw its stock plunge more than 3.5 percent.
In Australia, the ASX 200 fell more than 1 percent as almost all sectors saw losses.
Stocks in Thailand fell as the SET index declined 0.8 percent after tumbling 1 percent in the morning, its largest intraday decline in over a month, according to Reuters. The move came ahead of the release of results from the country's first election since a 2014 coup that saw a military government taking power.
Fears of a recession
Stocks stateside fell sharply on Friday as an inverted yield curve stoked fears that an economic recession is on the horizon. Disappointing economic data released Friday out of Europe, coupled with a downgraded economic outlook from the Federal Reserve, added to those concerns.
The spread between the 3-month Treasury bill and the 10-year note went negative on Friday for the first time in more than a decade. Investors consider this to be a signal that a recession may be coming soon.
The inversion in the yield curve was described by one group of strategists as the “biggest development in financial markets for some time.”
“While we prefer the ten‑year minus two‑year measure of the yield curve for predicting U.S. economic recessions some twelve‑to‑eighteen months in advance, the inversion of the tens‑bills curve is an ominous sign,” strategists at the Commonwealth Bank of Australia said in a morning note.
“At this stage, we are not predicting a U.S. recession, but we have already concluded and published that the Fed's tightening cycle is finished,” they said.
An inverted yield curve occurs when short-term rates surpass their longer-term counterparts, putting a damper on bank lending profits. An inverted curve is also considered a recession indicator.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.620 after bouncing from lows below 96.3 in the previous session.
The Japanese yen, widely viewed as a safe-haven currency, strengthened to 109.84 against the dollar from lows above 110.6 last Friday. The Australian dollar changed hands at $0.7078 after seeing highs above $0.714 last week.
Meanwhile, top U.S. officials from Washington are also set to visit Beijing later this week to resume trade negotiations with China.
China and the U.S. are expected to strike a deal sometime in April, with the uncertainty surrounding the trade fight between the two economic powerhouses weighing on investor sentiment for much of 2018.
Oil prices slipped in the morning of Asian trading hours, with the international benchmark Brent crude futures contract shedding 0.66 percent to $66.59 per barrel. U.S. crude futures also declined 0.85 percent to $58.54 per barrel.
Source: CNBC


Clic here to read the story from its source.