Asian stock markets were pinned near seven-week lows on Thursday while the dollar stood at multi-week peaks, as a run of strong economic data had investors worrying interest rates will need to keep rising and stay high to put the brakes on inflation.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) touched its lowest since Jan. 6 in early trade. It ground 0.5% higher as the morning wore on. Nasdaq futures (.NQc1) rose 0.9% after a revenue beat at chip designer Nvidia (NVDA.O) sent its shares up 9% after-hours.
Oil nursed sharp overnight losses, and Brent crude futures clung to support around $80 a barrel on Thursday.
Japanese markets were closed for a national holiday.
Wall Street indexes fell overnight and are eyeing their worst week of the year so far as stronger-than-forecast U.S. labour, inflation, retail sales and manufacturing figures have traders pricing interest rates staying higher for longer.
Minutes from this month’s Federal Reserve meeting – reinforcing a hawkish tone – did little to shift the concern.
This report’s information was first seen on REUTERS; to read more, click this link.
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