Thursday, 7 July, 2022

Asian markets mixed as inflation fears weigh

Asian markets mixed as inflation fears weigh

HONG KONG: Asian stocks were mixed Monday as inflation fears and concerns about low economic growth weighed on markets.

Investors will be looking to the release on Wednesday of notes from the latest Federal Reserve committee meeting for clues on further rate hikes by the US central bank.

Wall Street ended the week essentially flat after the S&P 500 had briefly dipped into a bear market, with the index down about 19 percent from its January high, reports AFP.

A Chinese interest rate cut did little to cheer Asian markets, with investors concerned about continuing Covid restrictions that are hurting the world's second-largest economy and snarling international supply chains.

Downcast earning reports from retailers have also heightened market uncertainty at a time of rising interest rates, surging energy prices and Russia's ongoing war on Ukraine, which is driving commodity prices higher.