top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

20 Apr 2022

Asian Stocks Turn Turbulent over China Lockdowns and Resulting Economic Policy

The Index Today

Major Asian stock markets gained on Wednesday after witnessing overnight highs on Wall Street. However, trading turned turbulent in the wake of mounting U.S. Treasury yields as China implemented a guarded financial policy to revive an economy battered by COVID-19 lockdowns and curbs.

According to Reuters, MSCI's broadest index of Asia-Pacific shares outside Japan climbed by 0.6%, marking its first gain in a week spurred by highs in Hong Kong which gained by 0.8%. Japan’s Nikkei rose by 0.9% while the yen, in an unusual move, gained against the dollar following repetitive drops for the past couple of weeks.

The Chinese blue chips slid by 0.83% after the central bank kept its benchmark borrowing rates the same. This comes despite the government’s vow to help the economy which has been struggling in the wake of lockdowns and curbs as the country battles its worst COVID-19 outbreak since March, 2020.

According to UBP’s Carlos Casanova, "Investors were looking for stimulus from China but the PBOC didn't deliver today." He added, "Markets inevitably are going to interpret that in a negative way with the lockdowns extending into April and beyond, meaning the worst months for economic data are ahead of us."

©Photo: Reuters

Clay pottery with table linens
bottom of page