Asia-Pacific markets traded lower as investors struggled to shake off recession fears. Stocks on Wall Street marked their second consecutive week of losses for the first time since September as concerns grew over the U.S. Federal Reserve continuing to hike rates.
In China, officials vowed to stabilize its economy in 2023 and maintain ample liquidity in financial markets in order to meet key targets, according to a statement following the annual budget-setting Central Economic Work Conference last week, Reuters reported.
In mainland China. The Shanghai Composite also fell 1.31% as the city announced it will shut most schools again Monday as the number of Covid cases surged. The Shenzhen Component fell 0.96% and Hong Kong’s Hang Seng index fell 0.45%.
The People’s Bank of China is slated to set rates for its one and five-year Loan Prime Rates (LPR) on Tuesday.