SINGAPORE: Japanese rubber futures were largely flat on Friday, with the market set for a second weekly loss, as traders fretted about tepid demand as the global economy gradually weakens.

Osaka Exchange’s rubber contract for December delivery edged up 1 yen at 242.8 yen ($1.75) per kg, as of 0240 GMT, but lost almost 2% this week.

Asian stocks hit a two-year low and were heading for a weekly loss, while the dollar was set for a third weekly gain as a fresh slew of rate hikes around the world deepened worries about the outlook for global economic growth.

China’s economic growth slowed sharply in the second quarter, expanding 0.4% year-on-year and missing expectations, official data showed on Friday, as widespread lockdowns to curb record COVID cases hit industrial activity and consumer spending.

The rubber contract on the Shanghai futures exchange for September delivery fell 190 yuan, or 1.6%, to 11,900 yuan ($1,761.81) per tonne.