General

Asian stocks end Monday mixed amid fears of global recession

Asian stocks closed mixed on Monday amid growing inflationary expectations and recession concerns, as well as fears of aggressive rate hikes by the US Federal Reserve. China's President Xi Jinping on Sunday opened the 20th National Congress of the Chinese Communist Party (CPC) in Beijing by pledging to take control of Taiwan and advocating the "one country, two systems" policy, the state-run media reported. Xi did not give a signal about the real estate sector, where the troubles continue in the country, and the controversial "zero-COVID" policy. The People's Bank of China also did not change the one-year medium-term credit facility interest rate. In Japan, industrial production increased by 3.4% in August. China's Shanghai composite index went up by 0.42% to 3,085 points, while Australia's ASX 200 index decreased by 1.40% to 6,664 points. South Korea's Kospi index rose by 0.32% to 2,220 points, whereas Japan's Nikkei 225 index fell by 1.16% to end the day at 26,776 points. Hong Kong's Hang Seng index fell 0.20% to 16,558 points, while India's Sensex index hovered at 58,312 points, up 0.8%. Oil prices rose on Monday as the value of the US dollar fell, making dollar-indexed crude oil more affordable to buyers, while China's decision to keep interest rates unchanged for the second month raised hopes for stronger demand in the world's second-largest oil consumer. International benchmark Brent crude traded at $92.62 per barrel for a 1.08% gain from the closing price of $91.63 a barrel in the previous trading session. Meanwhile, the dollar/yen parity was trading at 148.6. Source: Anadolu Agency