Downcast earning reports from retailers have also heightened market uncertainty at a time of rising interest rates, surging energy prices and Russia’s ongoing war on Ukraine, which is driving commodity prices higher.
In Asian trade Monday, Tokyo climbed 1.3 percent while Hong Kong slipped 1.5 percent and Shanghai was down 0.5 percent. The new government of Prime Minister Anthony Albanese is expected to undertake some policy shifts, particularly on climate change, but economists said they were unlikely to upset growth forecasts.
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