- Asia's stocks fell on the prospect of more aggressive Federal Reserve monetary tightening, as traders assessed data indicating China's economy is still struggling.
- A decline in Chinese technology firms contributed to a decline in an Asian share index, with Hong Kong in the red.
- Chinese data showed that factory activity fell for the second month in a row. Power outages, a real estate crisis, and disease outbreaks all took their toll.
- After hitting a one-month low, contracts for the S&P 500 and the tech-heavy Nasdaq 100 stabilised. Strong US labour demand and consumer confidence data bolstered the case for sharp interest-rate increases to combat inflation. Fed officials reaffirmed their commitment to containing price pressures.
- The dollar index and treasuries remained stable, while a deepening yield curve inversion suggested that the Fed will trigger a recession. Oil recovered some of its losses but was still on track for a third monthly drop, the longest losing streak in more than two years, hampered by the prospect of slower global growth.
