Asia markets set to trade lower as recession fears grow

November retail sales are weaker than expected

Retail and food services sales fell 0.6% in November after rising 1.3% in the prior month, according to the Commerce Department. That was below Dow Jones estimates of a 0.3% decline.

Excluding autos, retail sales dipped 0.2%, below Dow Jones estimates for a 0.2% gain in spending.

— Sarah Min

Recession concerns grow on Wall Street

Investor concerns that the Federal Reserve’s aggressive rate hiking campaign will push the economy into a recession are growing on Wall Street.

“The Fed all year have been very consistent. They have to fight inflation, they’ve got to get it down, and they’re going to tighten financial conditions to do so,” said Huw Roberts, head of analytics at Quant Insight.

However, he said the U.S. equity markets are becoming more sensitive to real economic data, rather than financial conditions, as they head into the next calendar year.

“Increasingly, the 2023 main story will…

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