Asian stocks sink after IMF says global economy will shrink

Asian stock markets have edged lower in cautious trading after the International Monetary Fund said the global economy will suffer a “its worst year since the Great Depression of the 1930s. Benchmarks fell in Shanghai and Sydney on Wednesday and were flat in Tokyo and Hong Kong. Overnight, Wall Street gained on buying of technology shares as investors looked ahead to how restrictions imposed to fight the coronavirus pandemic might end. The IMF says it expects the global economy to shrink by 3% this year, bigger contraction than 2009's 0.1% decline during the global financial crisis.