Asia report: Shares lower as recession fears persist

Asian shares were lower on Wednesday as driven by persistent fears of a global recession.

Investors are fretting that a slowdown in global growth will slash demand as central bankers ratchet up monetary tightening to fight high inflation.

Sentiment was also hit by a sharp fall in oil prices overnight, with Brent crude falling to below $100 a barrel.

In equity markets, Hong Kong's Hang Seng index fell 1.5%. Chinese blue chips fell 1.5% on the back of worries about new Covid-19 cases in Shanghai risking fresh restrictions. South Korea’s Kospi was down 2.13%.

Tokyo shares fell 1.14%, with commodities trading firms Mitsui & Co and Mitsubishi Corp down more than 5% after former Russian president Dmitry Medvedev threatened oil and gas supply cuts to Japan.

Australian shares were off 0.41%, while Singapore’s Straits Times index was flat.

Reporting by Frank Prenesti at Sharecast.com