Asian shares mixed after China says growth weakened in 2Q

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ShareThe prices were mixed in AsiaOn Friday after ChinaIt reported that its economy contracted by 2.6% inLast quarter was plagued by virus shut downs that kept people at home and businesses closed.

U.S. futures prices and oil prices edged up

Tokyo’s NikkeiThe 225 index was 0.5% higher at 26,788.47. The Kospi in SeoulWas up 0.2% to 2,327.76 sharesRoses are also available in IndiaAnd Taiwan.

The Shanghai CompositeIndex lost 0.8% and was now at 3,254.74. Australia’s S&P/ASX 200 dropped 0.8% to 6,596.90 and the Hang Seng in Hong KongIt fell 1.9% to 20,347.96

OfficialData showed that ChineseThe economy contracted by 2.6% when compared to the January-MarchQuarter-on-quarter rates of 1.4% are already very low for the period. ComparedIf you wait a year before, it can mask recent fluctuations. growthThe decline in sales was only 0.4% compared to the previous quarter’s 4.8%.

Anti-virus controls shut down ShanghaiThe world’s busiest port and other manufacturing hubs are located in. inLate MarchGlobal trade and manufacturing are under threat. MillionsMany families felt trapped in their homes, which slowed consumer spending.

MoreThis week, outbreaks in ChinaAnd elsewhere in AsiaConcerns have been raised that COVID-19 control might be restored. This is in addition to the existing precautions.

On ThursdayOn Wall Street, the S&P 500 fell 0.3% to 3,790.38. NearlyThree of every four stocks inThe benchmark index was completed inThe red. The Dow Jones Industrial AverageTo 30,630.17, the drop was 0.5% The NasdaqThe increase was lower than 0.1% to 11,251.19.

SmallStocks of -company companies fell more than the wider market inAnother indicator that investors are concerned about economic stability is the fact that they have already invested in it. growth. The Russell2000 dropped 1.1% to 1,707.51.

Wall StreetWe have been reviewing the most recent government reports, which show that inflation is still high and shows no signs for cooling, even though central banks are trying to loosen their grip on consumers and businesses by raising interest rates.

InflationAnd the Federal Reserve’sInvestors must continue to fight against it. InflationAt the wholesale level, it rose 11.3% in JuneComparable to a year ago. ItFollowing a report by the Federal Reserve, this is the latest and most painful reminder that inflation continues to heat up. WednesdayThis showed that prices at the consumer level were 9.1% more than they were a year ago.

PervasiveSince months, inflation has been sucking consumers and businesses dry. Federal ReserveAttempts to lower prices by increasing interest rates has been made aggressively. ThatThere are concerns that the plan could lead to a complete recession.

ButThis has been a market-wide concern for months. Markets are looking for silver linings, and have bought on dips.

“Within the gloom, buyers are attempting to seek for some pockets of optimism. Guidance for economic conditions from the major U.S. banks point towards an impending slowdown, but it came with some downplaying of risks of a severe U.S. recession with strength in consumer spending and labor market,” Jun Rong YeapIG said inA report. .

TheTen-year yield TreasuryMortgage rates are affected by. Friday. ItIt is still lower than the two year average TreasuryThis is 3.12% That’sIt is an uncommon occurrence and some investors believe that it portends a possible recession.

The FedThe central bank has raised rates three times already this year, and traders are now anticipating a massive rate hike of one percent at its next meeting. inTwo weeks. TradersCME estimates that there is a 44% chance for a full-point increase, up from zero one month ago. Group.

InvestorsYou’ll get a clearer picture inThe next weeks will show how much inflation is affecting companies. SeveralMore banks are ready to report earnings FridayAll inclusive CitigroupAnd Wells FargoAlong with UnitedHealth Insurance Group.

InOther trading FridayU.S. benchmark crude oil rose 24c to $96.02 a bar ItOn average, 52 cents were lost to $95.78 per barrel Thursday.

BrentThe price basis for international trading was raised by 49 cents to $99.59/barrel.

TheThe U.S. Dollar fell to 138.87 Japaneseyen starting at 138.94yen RisingThe dollar has remained higher than other major currencies due to the increasing U.S. interest rate inRates in countries where they have not risen, or have lagged behind, the increases by the Fed.

TheFrom $1.0020, the euro rose to $1.0023.

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AP Business Writer Joe McDonald in BeijingContributed