- Spain welcomed record number of tourists this summer
- France says coming tax hikes on the wealthy to be 'temporary'
- Why are Thailand's roads so deadly?
- Oracle to invest $6.5 bn in Malaysian cloud services region
- Parkrun marks 20 years of a free weekly jog, run... or walk
- Oil extends rally after Iran attack, Hong Kong soars again
- Prostitutes, prospectors drive spread in DR Congo mpox capital
- Oil extends rally after Iran attack, Hong Kong resumes surge
- Extreme heat another form of death sentence in Texas jails
- Can music help plants grow? Study suggests sound boosts fungus
- Nike earnings drop, says turnaround will take time
- US dockworkers launch mass strike a month before election
- Iron Dome: Israel's key anti-missile shield
- Cranes stand still as US dockworkers fight for 'future'
- GM reports US sales dip, but says EVs grew
- Sheinbaum takes office as Mexico's first woman president
- Webb telescope detects carbon dioxide on Pluto's largest moon
- Stock markets slump, oil jumps on Middle East concerns
- French PM vows more taxes and spending cuts ahead of budget fight
- Germany inaugurates IBM's first European quantum data centre
- Stock markets diverge as eurozone inflation drops further
- France's richest man takes control of Paris Match magazine
- Anger meets tear gas as Nigeria hardship protests fizzle out
- US dockworkers launch mass strike month before election
- Evacuations from Lebanon: what we know
- Feathers fly at Chanel's Paris fashion return
- UAE oil giant ADNOC swoops on German chemicals firm Covestro
- Eurozone inflation falls under 2% for first time since 2021
- Coldplay ticket scalping fiasco sparks backlash in India
- Droughts drive Spanish boom in pistachio farming
- Tokyo recovers some losses to lead Asian markets higher
- Rural schools empty in North Macedonia due to exodus
- US dockworkers launch strike after labor contract expires
- Thousands evacuated as Super Typhoon Krathon approaches Taiwan
- Kenya airport whistleblower fears for his life
- Sheinbaum to take office as Mexico's first woman president
- Scientists fear underfunded Argentina research on verge of collapse
- US port officials gird for strike despite last-minute bargaining
- With 118 dead from Hurricane Helene, Biden defends US government response
- Breeder who tried to create enormous trophy sheep jailed in US
- Qatar Airways seeking 25% stake in Virgin Australia
- US port officials gird for strike as labor talks stay stuck
- As toll crosses 100, Trump puts Hurricane Helene at election center stage
- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
Asian markets swing as traders mull dark outlook
Asian markets fluctuated Wednesday, with little sign of any relief from recent dour performances as investors remain fearful about the economic outlook owing to the impact of inflation, higher interest rates, China's slowdown and the Ukraine war.
A series of weak indicators around the world and downbeat forecasts from big firms have chilled trading floors in recent weeks as the surge in prices begins to drag on consumer confidence, with warnings now swirling of a possible global recession.
The tech sector was again in the firing line after Snap, the parent of social media app Snapchat, provided a gloomy economic outlook, sending its shares diving more than 40 percent.
Wall Street titans followed Snap down, with Facebook-parent Meta and Google-parent Alphabet tanking.
Tokyo, Hong Kong and Jakarta were down while Shanghai, Sydney, Seoul, Singapore, Taipei and Manila rose.
The mood was not helped by news that US new home sales tanked in April while the Richmond Fed manufacturing index also fell, with both at the lowest levels since the pandemic began in 2020.
"The market is moving its focus -- and has been for the last month or so -- from inflation concerns to growth concerns," said Ellen Hazen, of FL Putnam.
Investors are now wearily looking to the Fed's next move on interest rates, with expectations for more half-point hikes to come as officials struggle to bring inflation down from four-decade highs.
There was a little hope after one policymaker, Atlanta Fed chief Raphael Bostic, suggested a break in the increases in September could make sense as the bank tries to avert a recession.
National Australia Bank's Tapas Strickland said while it was not clear that the Fed was close to being more supportive of markets, "it is clear that growth headwinds are becoming more evident in the data, particularly stemming from the profit reporting season".
"The Fed of course remains focused on inflation, but if inflation reads were to start to moderate, then Bostic has opened up the possibility of a Fed pause."
Meanwhile, China continues to struggle with the fast-spreading Omicron variant, with leaders sticking to their zero-Covid strategy despite the dire impact on the economy of lockdowns.
And with no easing of that policy in sight, observers warned that a series of recent support measures would not be enough to lift optimism.
"Fiscal multipliers will be minimal in an economy where economic interaction and activity have slowed sharply," said Stephen Innes of SPI Asset Management.
"Moving beyond mobility restrictions in short order is a pre-condition, but not a guarantee, for an Asia-led economic recovery."
- Key figures at around 0230 GMT -
Tokyo - Nikkei 225: DOWN 0.1 percent at 26,713.08 (break)
Hong Kong - Hang Seng Index: DOWN 0.2 percent at 20,074.59
Shanghai - Composite: UP 0.2 percent at 3,076.11
Euro/dollar: DOWN at $1.0709 from $1.0739 on Tuesday
Pound/dollar: DOWN at $1.2524 from $1.2535
Euro/pound: DOWN at 85.50 pence from 85.64 pence
Dollar/yen: UP at 127.13 yen from 126.86 yen
Brent North Sea crude: UP 1.2 percent at $114.93 per barrel
West Texas Intermediate: DOWN 1.2 percent at $111.08 per barrel
New York - Dow: UP 0.2 percent at 31,928.62 (close)
London - FTSE 100: DOWN 0.4 percent at 7,484.35 (close)
A.Agostinelli--CPN