Asian shares mostly lower on looming worry over US banks, China growth

Asian shares were mostly lower Friday on looming worries over U.S. banks and lagging demand from China, the region’s major driver of growth.

“Asian equities struggled for direction after weak inflation data in China pointed to weakening demand,” said Stephen Innes, managing partner at SPI Asset Management.

Recent data reflect very low inflation and weak credit extensions in China, which all indicate slowing growth as the initial jump from the nation dropping pandemic-related restrictions fades, he said.

In energy trading, benchmark U.S. crude gained 30 cents to $71.17 a barrel. Brent crude, the international standard, added 23 cents to $75.21 a barrel.

In currency trading, the U.S. dollar stood unchanged at 134.52 Japanese yen. The euro cost $1.0922, inching up from $1.0921.

Source: Bahrain News Agency

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