asian equities were up on monday after a rally on wall street last week but analysts say fears of a recession due to surging inflation and coviddriven supply chain woes still have investors worried world markets have been volatile for much of 2022 fuelled by uncertainty over supply chain snarls due to chinas lockdowns inflation pressures and european anxiety over the ukraine war wall street stocks closed friday with a robust rally on techrich nasdaq after a tumultuous week that saw markets fluctuate based on us inflation data and an ongoing slump in chinese exports propelled by the countrys zerocovid policy the market continues to trade on very shortterm recessionary signals it is very noisy keeping intraday volatility high with 150–250point swings being common said stephen innes of spi asset management indeed this is the hallmark of a market filled with air pockets which have left more than a few investors licking their wounds one of the main drivers of volatility is chinas continued lockdowns economic engine shanghai in particular has been under strict virus restrictions since april shuttering factories and pausing port activity beijings staunch adherence to its zerocovid strategy has reverberated across the world snarling global supply chains agitating commodity prices and spiking investor fears chinas national bureau of statistics on monday announced retail sales had slumped by 111 percent  the lowest showing since march 2020  and its industrial production also sank 29 percent onyear but it had some good news over the weekend with shanghais vice mayor announcing that a gradual reopening of businesses in the city would begin in stages from monday analysts at charles schwab investment bank said global sentiment seems to be getting some relief from even the suggestion of an easing markets in asia opened with a generally positive showing monday with tokyo sydney singapore and manila trading up throughout the day but in hong kong and shanghai equities were more mixed economist clifford bennett of acy securities said there is a very real risk even likelihood of a triple northern hemisphere recession across the us europe and china simultaneously and virtually immediately he added that all eyes will be on how the federal reserve acts in the coming months specifically whether it will further tighten monetary policy to combat surging inflation regardless of the fed’s action – aggressive or mild expect lower stock market values overall bennett said brent north sea crude down 13 percent at 11016 per barrel west texas intermediate down 12 percent at 10922 per barrel eurodollar down at 10396 from 10417 at 2130 gmt friday pounddollar down at 12244 from 12262 europound down at 8491 pence from 8492 pence dollaryen down at 12888 yen from 12919 yen new york  dow up 15 percent at 3219666 close