Asian Shares Subdued As Recession Worries Mount

(RTTNews) - Asian stocks were broadly lower on Friday as investors fretted about an upcoming recession.

The dollar slipped against the Japanese yen and bond yields declined, as weak U.S. data released overnight pointed to a slowing economy.

Investors also fretted about negotiations in Washington to raise the U.S. government debt ceiling.

Gold traded weak but held above $2,000 per ounce amid expectations that the Federal Reserve may hike interest rates by 25 basis points next month.

Oil prices were little changed after two days of heavy losses on fears that a global recession could dent fuel demand.

Chinese shares were little changed on expectations that authorities will keep up liquidity support to boost economic growth. Hong Kong's Hang Seng index dropped 0.4 percent.

Japan's Nikkei index was marginally lower after data showed consumer price inflation was unchanged in March.

South Korea's Kospi average was down 0.6 percent on Fed rate hike woes.

Australia's benchmark S&P/ASX was down 0.3 percent, dragged down by material stocks.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index was marginally lower. U.S. stocks ended firmly in the red overnight as investors reacted to weak economic data and a mixed bag of earnings from the likes of Tesla, AT&T, American Express and IBM.

Weekly jobless claims surged last week, manufacturing activity in the mid-Atlantic region plunged to its lowest level in 3 years in April and existing home sales fell in March, adding to recession worries.

The Dow slid 0.3 percent, the tech-heavy Nasdaq Composite shed 0.8 percent and the S&P 500 eased 0.6 percent.

European stocks closed mostly lower on Thursday amid concerns about the outlook for economic and earnings growth.