Asian shares lose ground amid anxiety about looming US recession

A man looks at an electronic stock quotation board showing Japan’s Nikkei average outside a brokerage in Tokyo, Japan. Picture:REUTERS/TORU HANAI

Chinese stocks bucked the trend, with the benchmark Shanghai Composite rebounding 0.6%, the blue-chip CSI 300 climbing 1.1%, and Hong Kong’s Hang Seng advancing 0.5%. “While the markets now got out of the extreme nervousness about the US yield curve, there is no denying that US data has been soft of late, hardly dispelling worries about the outlook,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

Home building fell more than expected in February as construction of single-family homes dropped to near a two-year low while the consumer confidence index by the Conference Board fell unexpectedly. Many major economies in the world, including China, Europe and Japan, are already slowing down, not helped by uncertainties stemming from trade frictions between the US and China as well as Brexit.

Prime Minister Theresa May will address Conservative Party legislators, possibly to set out a timetable for her departure, to win support for her twice-rejected Brexit deal as the parliament prepares to vote on a variety of possible options.The euro slipped to a two-week low of $1.1251 as the dollar gained some footing on a rebound in US bond yields.

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