The markets opened on a flat note as investors feared an economic slowdown.
Global Cues
Asian shares were trying to sustain a rare rally on Monday as Wall Street futures made early gains, perhaps hoping a U.S. holiday would provide a break from recent selling, though worries about global recession were never far away. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1% in thin trade. Tokyo’s Nikkei added 0.6%, having been underpinned recently by a sharp fall in the yen which boosted exporters.
Tokyo stocks opened higher on Monday after a mixed close on Wall Street as fears rise that interest rate hikes by central banks could trigger a global recession. The benchmark Nikkei 225 index was up 0.71 percent, or 183.42 points, at 26,146.42 in early trade, while the broader Topix index was up 0.51 percent, or 9.38 points, at 1,845.28.
US stocks closed with a modest bounce on Friday but still suffered the biggest weekly percentage decline in two years as investors wrestled with the growing likelihood of a recession while global central banks tried to stamp out inflation. The Dow Jones Industrial Average fell 38.29 points, or 0.13%, to 29,888.78, the S&P 500 gained 8.07 points, or 0.22%, at 3,674.84 and the Nasdaq Composite added 152.25 points, or 1.43%, at 10,798.35.
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