Asia shares slip, hard to dodge recession risks

Asian shares slipped on Monday and Wall Street futures eked out slight gains amid worries the U.S. Federal Reserve would this week underline its commitment to fighting inflation with whatever rate pain was required, Reuters reported.

The euro showed little reaction after French President Emmanuel Macron lost control of the National Assembly in legislative elections on Sunday, a major setback that could throw the country into political deadlock.

Trade was choppy with the U.S. on holiday and Nasdaq futures NQc1 see sawed through the session to be last up 0.3%, while S&P 500 futures ESc1 firmed 0.2%. EUROSTOXX 50 futures STXEc1 fell 0.3% and FTSE futures FFIc1 0.2%.

The S&P 500 fell by almost 6% last week to trade 24% below its January high. Analysts at BofA noted this was the 20th bear market in the past 140 years and the average peak to trough bear decline was 37.3%.

Chinese blue chips .CSI300 gained 0.5%, perhaps aided by news President Joe Biden was considering removing some tariffs on China.

Looming over markets are concerns major central banks will have to tighten so aggressively to contain runaway inflation that they will tip the world into recession.