Asian stock markets fall on recession fears

Asia-Pacific stocks traded lower on recession fears. Asia-Pacific stocks traded mostly lower as recession fears mounted. Disappointing U.S. retail sales for November suggested inflation was weighing on consumers and added to concerns that the Federal Reserve's rate hikes were pushing the economy into recession. The Hang Seng index edged higher, while the Shenzhen Component fell in mainland China. The Shanghai Composite Index fell 0.25 percent as the second day of China's annual Central Economic Work Conference was reported behind closed doors. Hong Kong is due to report its unemployment rate for the September-November period later in the day. Australia's S&P/ASX 200 fell 0.42 percent. The Nikkei 225 led the region's losses, shedding 1.68 percent, while the Topix lost 0.84 percent. South Korea's Kospi also fell 0.28 percent. The U.S. Commerce Department has imposed restrictions on Chinese companies over their efforts to use advanced technologies to help modernize China’s military, coming just two months after the Biden administration blocked China’s access to advanced semiconductors.