Asian stocks retreat as inflation augurs Fed rate hikes
ABC News
Shares are mostly lower in Asia after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months
BANGKOK -- Shares were mostly lower in Asia on Thursday after the latest report of surging prices in the U.S. appeared to keep the Federal Reserve on track to raise interest rates in coming months.
Tokyo, Shanghai, Hong Kong and Seoul were lower while Sydney advanced. U.S. futures declined, with the contracts for both the S&P 500 and the Dow industrials 0.1% lower.
Surging coronavirus cases in Asia have raised uncertainty about the pace of recovery from the pandemic.
The omicron coronavirus variant has swept across Australia and other countries in the region despite high vaccination rates and strict border policies. Japan reported more than 13,000 new infections on Wednesday, the highest level in four months. China, whose zero-COVID policies are being challenged by outbreaks just weeks ahead of the Beijing Winter Games, is testing and in some cases locking down entire cities.
