Chinese economic strife dragged down Asian markets, while interest rate woes caused a bearish tumble in Europe.
Asian and European stock markets faced sharp declines on Friday, with China spearheading the downturn as its September Consumer Price Index (CPI) showed no growth. Markets pundits say weak economic indicators from China could cause concern for the global economy.
European stocks also traded lower on Friday due to problems stemming from United States inflation data suggesting a potential hike in interest rates. The elevated inflation figures may prompt the Federal Reserve to maintain its primary interest rate at a higher level for an extended period to curb inflation in a move that unsettled investors, as evidenced by today’s stock market performance.
China drags down Asian stock market amid declining economy
Asian stocks halted their bullish run on Friday as indexes across China, Japan and Hong Kong tumbled after China released its CPI figures, which came in lower than expected, indicating a slowing economic outlook for the world’s second-largest economy. China also reported a 2.5% decline in its Producer Price Index. China’s benchmark CSI 300 Index fell 1.05%, closing at 3,663.41.
Hong Kong’s benchmark Hang Seng Index fell 2.3% on Friday, ending a six-day bullish run.
Japan’s benchmark Nikkei 225 fell by 0.6% to close at 32,315.99, while South Korea’s Kospi fell 0.95% to end at 2,456.15.
European stocks tumble amid U.S. interest hike woes
European markets finished the week on a low amid growing concerns around interest rate hikes from the Fed, as well as concerns about economic growth.
The London benchmark FTSE 100 fell by 0.3% despite a boost in oil prices. Given the weighting of energy corporations like BP and Shell in the FTSE, the fall is significant.
The pan-European Stoxx 600 index fell by 0.6% as well, ending the week on a low after three consecutive days of bullish gains.
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