Asian stocks retreat as China’s lockdowns stir recession worries

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Reuters UK

By Wayne Cole SYDNEY (Reuters) – Asian markets were in retreat on Monday as U.S. stock futures slid on rate worries, and a tightening lockdown in Shanghai stoked concerns about global economic growth and possible recession. “A series of rate hikes and hawkish communication came against a backdrop of plummeting Chinese and European activity, new plans for Russian energy bans and continued supply-side pressures,” warned analysts at Barclays. “This creates the gloomy prospect of persistent inflation forcing central banks to hike rates despite sharply slowing growth.” There was no let up in China’…

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