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Monday, February 6, 2023

Asian stocks fall by Investing.com, investors digest more than US inflation expectations

© Reuters.

by Gina Lee

Investing.com – Asia Pacific shares fell mostly on Thursday morning, with the sharpest US inflation print in three decades, on hopes the US Federal Reserve will raise interest rates in early March 2022.

Japan was down 0.96% as of 9:03PM ET (2:03AM GMT). South Korea’s is down 0.07%, with it submitting its policy decision on Friday.

Australia gained 0.43% and Hong Kong gained 0.24%.

China’s inches were down 0.02% and 0.23%.

Including US shares and ended on a higher note on Wednesday. Data released in the US showed that the Core Consumer Price Index (CPI) rose 0.6% and 5.5% in December. The CPI grew between 7% and 0.5%, the fastest pace since 1982.

The Fed said in its statement that the US economy grew at a modest pace in the last weeks of 2021, but business expectations for the next several months have cooled in some places.

US inflation figures came after Fed Chairman Jerome Powell pledged to curb inflation without derailing the economic recovery from COVID-19.

The chairman of the Fed St. Louis told the Wall Street Journal that four rate hikes in 2022 may be justified amid high inflation. Fed Bank of Cleveland President Loretta Meester and Atlanta Fed leader Rafael Boustik separately supported interest rate hikes in March 2022.

Other Fed officials, including Richmond Fed Chairman Thomas Barkin, Philadelphia Fed Chairman Patrick Harker and Chicago Fed Chairman Charles Evans, will speak later in the day. New York Fed Chairman John Williams will speak on Friday.

Inflation remains a major concern for some investors as well.

“Inflation is going to be with us even if they raise rates and the challenges of the economy here are just going to build on that,” Shana Sisel, chief market strategist at Strategic Wealth Partners, told Bloomberg.

“I worry that the market is going to be very volatile and our economy is going to slow down.”

Meanwhile, a hearing for the Fed’s vice presidential nominee on the US Senate Banking Committee, Lyle Brainard, will take place later, and investors are also looking forward to the US.

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World Nation News Desk
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