SINGAPORE — Asia-Pacific stocks were mixed on Monday as global concerns linger.
In Japanese markets, the Nikkei 225 rose 0.44%, while the Topix rose 0.57%.
Australia’s S&P/ASX 200 gained 0.12%.
Markets in Greater China bucked the trend, with Hong Kong’s Hang Seng index falling 1.31% in early trade. The Hang Seng Tech Index fell 2.25%. The Shanghai Composite was down 0.1% and the Shenzhen Component down 0.32%.
Chinese electric vehicle maker Xpeng is expected to report its first-quarter results on Monday.
Elsewhere, South Korea’s markets were mixed, with the Kospi down 0.17% and the Kosdaq up 0.05%.
MSCI’s broadest index of Asia-Pacific stocks outside of Japan fell 0.16%.
I think right now the market is expecting a Fed that’s just going to keep going up and crush inflation, get it right back down, stamp it down, and it hurts.
Isaac Poole
Chief Investment Officer, Oreana Financial Services
US equities were badly hit as markets grew concerned about a recession.
In the US, the S&P 500 briefly dipped into bear market territory during Friday’s session, but recovered slightly to end almost unchanged. The Dow Jones Industrial Average rose 8.77 points to 31,261.90 after reversing losses of more than 600 points.
The Nasdaq Composite is already deep in bear market territory, 30% off its highs, and fell 0.3% on Friday. All three indices have had a losing streak of at least seven weeks.
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According to Isaac Poole, chief investment officer at Oreana Financial Services, a market bottom could be a long way off depending on how aggressive the Fed is.
“I think right now the market is expecting a Fed that just keeps walking and crushing inflation, bringing it right back down, stamping it down, and that hurts,” he told CNBC’s Street Signs Asia.
Once the Fed signals it’s going to be session after session, there will likely be “quite a lot of upside for the markets,” he added.
currencies
The US Dollar Index, which tracks the greenback against a basket of its peers, came in at 102.764, lower from levels above 103 recorded last week.
The Japanese yen traded at 127.3 per dollar, stronger from the 129 levels seen earlier last week. The Australian dollar strengthened and last traded at $0.7082.
Oil futures were higher in Asia in morning trade. US crude was up 0.45% to $110.78 a barrel, while Brent crude was up 0.63% to $113.26.