2023-08-18 05:26:18
Tokyo Stock Exchange
Investors worry about economic development in China.
(Photo: AP)
Tokyo Asian bourses are struggling to rebalance after a week of worries over the ailing Chinese economy and the possibility of continued hikes in US interest rates. “At the beginning of the year, China’s economy was still on the rise. But since then the picture has increasingly deteriorated and now looks pretty bleak,” says Jonas Goltermann, deputy chief economist at Capital Economics.
On Thursday, one of China’s largest real estate developers, Evergrande, filed for bankruptcy protection with a US bankruptcy court, increasing fears of a worsening crisis in the Chinese construction sector.
Chinese stocks are down 10 percent since peaking in January.
The broad-based MSCI index of Asia-Pacific stocks outside Japan fell 0.29 percent after hitting a nine-month low in the previous session. It is heading for a 2.8 percent weekly loss, the third straight week of declines.
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