© Reuters.By Ambar Warrick
Investing.com -- Asian stocks kept to a small range on Tuesday as a raft of weak manufacturing data raised concerns over slowing economic growth, while a spike in oil prices also brewed fears of higher inflation.
Hong Kong’s index was the worst performer for the day, down 1.1% as technology and property stocks were hit with a fresh wave of selling. Concerns over slowing economic growth in China also dented sentiment after a private survey showed that the grew much less than expected in March.
China’s and indexes moved less than 0.2% in either direction.
A post-COVID rebound in the Chinese economy now appears to be running out of steam, as local factories grapple with slowing overseas demand amid worsening economic conditions.
Still, some Chinese chipmaking stocks extended gains into a second straight session, as an investigation into U.S. memory chips maker Micron Technology Inc (NASDAQ:) opened up the possibility of more market share for local manufacturers.
Japan’s index fell 0.3%, after data on Monday also showed that the shrank through March, while slowed in the first quarter.
South Korea’s was among the few outperformers for the day, rising 0.4% after data showed that grew slightly less than expected in March.
Fears of a global economic slowdown grew this week after data showed that manufacturing activity in the , , and the remained in contraction through March.
A spike in oil prices, following an unexpected output cut by the Organization of Petroleum Exporting Countries and allies, also pushed up fears that higher fuel prices will keep inflation elevated in the near-term.
Markets also feared that higher inflation could invite more monetary tightening by major central banks. This notion, coupled with a slowing economic rebound in China, weighed on the outlook for Asian markets.
Regional central bank meetings were also on the cards this week. Australia’s moved little ahead of a on interest rates, with markets split over whether the bank will hike or hold interest rates.
The is also set to meet later this week, and is expected to hike interest rates.
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