Asian market ended the week on loss as traders weigh impact of inflation and monetary tightening on global economy recovery, besides the tangling war in between Ukraine-Russia.
The CSI300, HSI, KOSPI and TOPIX is down by 1.80%, 2.47%, 0.24% and o.00% respectively while KOSPI closed marginally higher by 0.01%. The MSCI Asian Broad Market Index ex Japan is down by 0.45%.
Treasuries held losses, leaving the U.S. 10-year yield in the vicinity of levels last seen in 2019. But key parts of the U.S. Treasury yield curve continue to flatten or are inverted. That’s stirring debate as to whether the bond market is flagging a steep economic slowdown or even a recession ahead.
The U.S. and European Union will push to boost supplies of liquified natural gas to European countries by the end of 2022 in an attempt to create alternate to Russian gas.
Under the agreement, Europe will get at least 15 billion cubic meters of additional LNG supplies by the end of the year. However, clear details is yet to be provided where the gas would supplied from. Member states will also work to ensure demand for 50 billion cubic meters of American fuel until at least 2030. The aim is to work with international partners to help the continent wean itself off Russian gas, which accounts for about 40% of Europe’s needs.
Crude oil inched down after the announcement with WTI trading around $110 a barrel while Brent is trading around $116 a barrel.
