Asian equity markets mostly fell on Thursday, taking cues from a weak lead on Wall Street as the bond market flashed growing recessionary risks, reflecting recent warnings from top US executives who flagged a possible recession next year. Investors also continued to assess the trajectory of US Federal Reserve rate hikes and the sustainability of China’s shifting policy on Covid. Moreover, investors digested data showing Japan’s economy contracted less than expected in the third quarter, while the country’s current account unexpectedly turned to deficit in October. Australia also reported a larger-than-expected trade surplus in October, though it fell slightly from the previous month. Shares in Australia, Japan, South Korea and mainland China declined, while Hong Kong stocks advanced.