SHANGHAI: Asian shares fell on Friday, extending their biggest monthly drop since the height of global pandemic lockdowns last March on lingering investor concern over regulatory crackdowns in China on the education, property and tech sectors.
"It's clear investors are very rattled by the regulatory crackdown," said Michael Frazis, portfolio manager at Frazis Capital Partners in Sydney, while adding that the market continues to face other near-term pressure. The falls in Asia came despite robust U.S. earnings and forecasts, as well as strong second-quarter economic growth figures, that helped to lift Wall Street to record intraday highs on Thursday.
But following Fed Chairman Jerome Powell's statement earlier this week that rate increases are"a ways away" and the job market still had"some ground to cover", the dollar wallowed near one-month lows on Friday and was set for its worst week since May.
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