Asian markets follow Wall Street lower amid inflation pressure

BEIJING — Asian stock markets followed Wall Street lower on Friday after higher-than-expected U.S. inflation dashed hopes the Federal Reserve might ease off more interest rate hikes.

The Nikkei 225 NIK in Tokyo sank 1.1%. The Hang Seng HSI in Hong Kong retreated 0.5%, while the Shanghai Composite index SHCOMP lost 1%. On Thursday, U.S. government data showed unemployment claims last week declined while August consumer sales rose. That gives ammunition to Federal Reserve officials who say the economy can tolerate more rate hikes.

The market benchmark is down 4.1% for the week following the biggest pullback in two years on Tuesday after the government reported U.S. consumer prices rose 8.3% from a year earlier and 0.1% compared with July.

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Asian shares fall, tracking Wall St dismay over price dataAsian markets skidded lower after Wall Street fell the most since June 2020 as a report showed inflation has kept a surprisingly strong grip on the U.S. economy. The data has traders bracing for the Federal Reserve to aggressively raise interest rates. UKrain War may have has many more side effects than politicians calculated before ignating War ...🤔 Raising the interest rates all but ensures the working class’ place in recession. It’s going to be a very merry Christmas this year…and a fantastic ‘23.
Source: AP - 🏆 728. / 51 Read more »