Wed, 17 Aug 2022

SYDNEY, NSW, Australia - Stocks in Asia skidded lower Friday with all the major indices recording solid losses.

"Capitulation is the wrong approach but earnings pressure will follow to match the macro downgrades," George Boubouras at K2 Asset Management in Melbourne told Reuters Friday.

"We are pricing in a recession phase and bonds will now outperform ... low correlation between bonds and equities is what should happen - unlike the first half of calendar 2022," he said.

In Japan, the Nikkei 225 declined 457.42 points or 1.73 percent to 25,935.62.

China's Shanghai Composite retreated 10.98 points or 0.32 percent to 3,387.64.

The Australian All Ordinaries gave up 26.10 points or 0.39 percent to close Friday at 6,720.40.

South Korea's Kospi Composite fell 27.22 points or 1.17 percent to 2,305.52.

In New Zealand, the S&P/NZX 50 lost 115.54 points or 1.06 percent to 10,753.16.

The Hang Seng in Hong Kong was closed for the Special Administrative Region foundation Day.

On foreign exchange markets, the euro was softer at 1.0454. The British pound slipped to 1.2113. The Japanese yen crept up to 135.43. The Swiss franc declined to 0.9580.

The Canadian dollar was weak but steady at 1.2920. The Australian and New Zealand dollars were sold off sharply to 0.6796 and 0.6176 respectively.

Overnight on Wall Street, the Dow Jones slumped 253.88 points. The Nasdaq Composite sank 149.16 points. The Standard and Poor's 500 dipped 33.45 points to complete its worst financial year's performance since 1970.

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