Asian shares fall on recession fears; eyes on Fed minutes

SYDNEY: Asian shares fell on Wednesday as fresh worries about a global recession led investors to dump risky assets, with U.S. President Donald Trump showing no signs of backing down in his trade war with China.

Japan's Nikkei slipped 0.6per cent, Australian shares were 0.8per cent lower and South Korea's KOSPI index was a shade weaker.AdvertisementSome analysts expect a further correction in world shares, which are still above their December lows. The immediate focus shifts to the minutes of the Fed's most recent meeting, due on Wednesday. Traders are also awaiting the central bank's Jackson Hole seminar later this week and a Group of Seven summit this weekend for clues on what additional steps policymakers will take to boost economic growth.Morgan Stanley economist Ellen Zentner advised clients to watch for the use of the word"somewhat" when Fed Chair Powell describes further policy adjustments.

Most fund managers and economists expect global policy stimulus to prevent the world from tipping into recession. Supporting that belief, Reuters reported earlier Trump and his advisers are examining ways to provide a boost to the U.S. economy should it be deemed necessary.

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