Stocks fall as recession fears weigh

Shares in the Asia-Pacific region fell on Monday as fears of recession weigh on expectations of continued tightening of monetary policies around the world.

The Nikki 225 fell 1.24% in early trading while the Topix lost 0.97%. The US dollar continued to float to 32-year highs against Japan yenlast traded at 148.62 per dollar.

that of Hong Kong Hang Seng Index fell 0.28% in early trade. The Shanghai composite in mainland China fell by 0.16% and the Shenzhen Component was roughly flat.

In Australia, the S&P/ASX 200 was 1.42% lower. South Korea Kospi fell 0.16% and the Kosdaq fell 0.12%. MSCI’s broadest Asia Pacific ex-Japan equity index was down 0.88%.

Later in the week, several countries in the region are expected to release inflation data, while Australia will release unemployment statistics and China will announce its decision on the prime lending rate.

Over the weekend, Chinese President Xi Jinping delivered a speech at the opening ceremony of the 20th National Congress of the ruling Communist Party of China, where he warned against “interference by outside forces” in Taiwan – a self-governing island that Beijing sees as a runaway. Province.

He also said China “will never promise to renounce the use of force” for reunification.

US stocks closed the previous week lower after a University of Michigan survey showed inflation expectations were rising.

– CNBC’s Evelyn Cheng, Carmen Reinicke and Tanaya Macheel contributed to this report.