{"id":51482,"date":"2022-06-15T07:53:05","date_gmt":"2022-06-15T07:53:05","guid":{"rendered":"https:\/\/harchi90.com\/mainland-chinese-stocks-bounce-back-even-as-most-asia-markets-continue-to-slide\/"},"modified":"2022-06-15T07:53:05","modified_gmt":"2022-06-15T07:53:05","slug":"mainland-chinese-stocks-bounce-back-even-as-most-asia-markets-continue-to-slide","status":"publish","type":"post","link":"https:\/\/harchi90.com\/mainland-chinese-stocks-bounce-back-even-as-most-asia-markets-continue-to-slide\/","title":{"rendered":"Mainland Chinese stocks bounce back even as most Asia markets continue to slide"},"content":{"rendered":"
SINGAPORE – Shares in Asia-Pacific mostly tumbled on Tuesday after the S&P 500 fell overnight and closed in bear market territory, but mainland Chinese stocks bucked the overall regional trend to recover from earlier losses.<\/p>\n
The Shanghai Composite closed 1.02% higher at 3,288.91 while the Shenzhen Component climbed 0.204% to about 12,023.79.<\/p>\n
In Hong Kong, the Hang Seng index swung between positive and negative territory, sitting 0.15% lower in its final hour of trading. Hong Kong-listed shares of Alibaba continued to sit close about 2.7% lower.<\/p>\n
Most of the other major markets in the region were in negative territory.<\/p>\n
The Nikkei 225 in Japan fell 1.32% on the day to 26,629.86, while the Topix index shed 1.19% to 1,878.45.<\/p>\n<\/div>\n
\n\n\nRisk assets have plummeted with recession risk rising given the surge in yields and expectations of the Fed doing a Volcker.<\/p>\n
\nStrickland Tapas<\/p>\n
Director of Economics, National Australia Bank<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n
\nSouth Korea’s Kospi slipped 0.46% to close at 2,492.97.<\/p>\n
Australia was one of the worst performers in the region. The S & P \/ ASX 200 returned to trade Tuesday following a holiday yesterday, and closed 3.55% lower at 6,686. MSCI’s broadest index of Asia-Pacific shares outside Japan fell around 0.6%.<\/p>\n
Cryptocurrencies also saw another day of sell-off on Tuesday, and bitcoin fell below $ 21,000 at one point. The world’s largest cryptocurrency recovered slightly from earlier losses and was last trading at $ 21,817 at 3.56 am ET Tuesday.<\/p>\n
US Treasury yields also retreated from earlier gains. The yield on the benchmark 10-year Treasury note recently saw its biggest move since March 2020, and last stood at 3,299%. The 2-year rate also recently saw a big jump and is currently trading at 3.284%. Yields move opposite to prices.<\/p>\n
The 2-year rate had earlier sat higher than the 10-year Treasury yield, representing an inversion – a measure closely watched by traders and often viewed as a potential indicator of recession.<\/p>\n<\/div>\n
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