Asian Shares End Off Day's Lows

RTTNews | 121 days ago
Asian Shares End Off Day's Lows

(RTTNews) - Asian stocks ended lower on Tuesday amid fears that the U.S. economy could be slipping into a recession, particularly in light of ongoing tariff disputes.

However, regional markets ended off their day's lows after a White House spokesperson downplayed recession fears and said corporate leaders have pledged "trillions in investment commitments" that will create thousands of new jobs.

The dollar index slipped as demand for recession havens boosted gold and sovereign bonds.

Oil prices recouped earlier losses to inch higher but held near multi-year lows on trade war worries and the prospects of more oil coming into the market.

China's Shanghai Composite reversed course to end 0.41 percent higher at 3,379.83 as Citigroup upgraded Chinese equities to overweight, citing DeepSeek's artificial-intelligence technology breakthrough, the government's support for the tech sector and still-cheap valuations. Hong Kong's Hang Seng index finished marginally lower at 23,782.14.

Japanese markets fell notably as the yen touched a five-month high on growing fears over an economic downturn in the U.S.

The Nikkei average ended down 0.64 percent at 36,793.11 after hitting a six-month low earlier in the day. The broader Topix index settled 1.11 percent lower at 2,670.72.

Technology investor SoftBank Group fell 2.8 percent and lender Mizuho Financial Group lost 3.7 percent while chip testing equipment maker Advantest reversed losses to end 1.7 percent higher.

Japan's economy experienced slower growth than initially reported in the last quarter of the year, while household spending rose 0.8 percent in January from a year earlier, official data revealed today ahead of a BoJ policy meeting next week.

Seoul stocks fell sharply, with the Kospi average tumbling 1.28 percent to 2,537.60 as investors become increasingly concerned about U.S. economic growth stalling.

Australian markets fell to a seven-month closing low, with financials, tech and healthcare stocks pacing the declines.

The S&P/ASX 200 index closed 0.91 percent lower at 7,890.10, marking its lowest since mid-August 2024. The broader All Ordinaries index ended down 1.08 percent at 8,103.40.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index settled 0.84 percent lower at 12,410.97.

U.S. stocks plummeted overnight while Treasury yields slid due to rising uncertainty around President Trump's trade policies and the outlook for inflation and economic growth.

The tech-heavy Nasdaq Composite plunged 4 percent, the S&P 500 lost 2.7 percent and the Dow fell 2.1 percent.

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