Most Asia markets drop as Apple report fans economic worries

Most Asia markets drop as Apple report fans economic worries

AFP/Hong Kong

Most stocks fell yesterday after a Wall Street sell-off fuelled by fresh recession worries following a report that Apple planned to ease back on spending due to uncertainty over the economic outlook.

In Tokyo, the Nikkei 225 closed up 0.7% to 26,961.68 points; Hong Kong Hang Seng Index ended down 0.9% to 20,661.06 points and Shanghai Composite ended flat at 3,279.43 points yesterday. 

The drop across most markets in Asia also came as oil held a Monday surge caused by fading expectations that Joe Biden had convinced Saudi Arabia to pump more to ease a supply crisis and temper prices.

The losses among equities ate into Monday’s gains, which came after a forecast-beating US retail sales report suggested consumers — the key driver of growth — remained resilient despite decade-high inflation and rising interest rates.

And analysts warned that with the earnings season just getting under way, there could be more pain ahead for investors as firms report falling profits or warn about the outlook.

In a sign of concern among big-cap firms about an economic slowdown or recession, Bloomberg News said tech titan Apple was pulling back on hiring and some investments. The news follows similar belt-tightening moves by other