Asian stocks were roiled by recession fears Thursday, though markets in Hong Kong and Shanghai recovered their losses by the end of the day.
Japan’s Nikkei (N225) fell 1.2%, while Australia’s S&P/ASX 200 sank 2.9%. Losses deepened even more after a top Australian central banker warned that the US-China trade war is damaging global growth and risks a “self-fulfilling downturn.”
The Hang Seng Index (HSI) in Hong Kong and China’s Shanghai Composite Index (SHCOMP)dropped at market open, but both recovered to end higher: They advanced 0.8% and 0.3%, respectively.
In Hong Kong, property developers have been hit hard by the city’s mass protests. But that was the sector that gained the most on the city’s benchmark index Thursday. New World Development surged 7.8%, while MTR, the city’s subway system and a major real estate developer, climbed 4.4%.
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