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Translated by: MOS Translation Team – NaN
According to a foreign report on May 6th, Asian stocks tumbled on Friday while the US dollar and Treasury yields rose. Investors had previously expressed concern that higher interest rates could hurt global economic growth.
The report pointed out that the market was worried that the US Federal Reserve and other major central banks would have to raise interest rates more aggressively to combat high inflation, pushing the global economy into a massive recession.
According to Wall Street’s stock market performance on Thursday, the Dow Jones Industrial Average and S&P 500 fell more than 3%. And Nasdaq dropped 4.99%, its most significant single-day decline since June 2020, to close at its lowest level since November 2020.
The report also stated the Chinese Communist Party (CCP) implemented strict zero-Covid policies has sparked concerns about Communist China’s economy. Meanwhile, the ongoing Russia-Ukraine war also hit investor confidence. Blue chips in Communist China fell 2% on Friday, and Hong Kong’s benchmark index dropped 2.44%. The offshore yuan exchange rate decreased to 6.7338 per dollar, an 18-month low.
Bitcoin fell 8% overnight on Thursday, hitting a two-and-a-half-month low. The transaction price at press time was around $35,700.
Proofread/Edited by: James L
Posted by: James L
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