Recession fears set stocks on course for weekly drop

SINGAPORE : Asian stocks slid toward their worst week in a month-and-a-half on Friday and oil nursed losses, while bonds enjoyed their best bid in weeks as U.S. data and earnings showed signs of weakness.

Early in the Asia day MSCI's broadest index of Asia-Pacific shares outside Japan was 0.3 per cent lower and down 1 per cent for the week so far, its worst performance since bank stability worries gripped markets in the middle of March. The slowdown signals have also weighed on the U.S. dollar as traders bet on some 50 bps in U.S. rate cuts this year.

"The value trade has been working," said Puneet Singh, director of quantitative research at Societe Generale in Singapore.

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