Asian Stock Market: Looks subdues as Fed cements fears of US recession, oil consolidates near $83.00

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• Asian stocks are demonstrating a subdued performance amid soaring fears of a mild recession in the US.
• Chinese stocks are facing pressure despite the release of upbeat international data.
• Oil prices have turned sideways around $83.00 after the release of a mild build-up of oil inventories.

Markets in the Asian domain are showing a subdued performance after observing weak cues from United States markets. S&P500 settled Wednesday’s session on a bearish note as US core inflation rebounded to 5.6% from the former release of 5.5% due to persistent rent prices and signals of mild recession from the Federal Reserve’s (Fed) minutes of the May monetary policy meeting.