Asian markets hit as inflation, rates return to focus | Malay Mail

HONG KONG, Jan 5 — Markets struggled in Asia today following a tepid lead from Wall Street, with inflation and expected interest rate hikes returning to the key focus of concerns as Omicron fears fade for now.

That is followed by Friday’s jobs data for last month that could play a key role in their next deliberations. And Steve Englander, at Standard Chartered, added: “Earlier we thought that rate hikes wouldn’t be on the table until mid-2022 but the Fed seems to have worked up a consensus to taper faster and hike sooner rather than later.”

After ringing up new record highs on Monday, the S&P 500 fell on Wall Street, while the Nasdaq sank more than one per cent as tech firms — which generally rely on debt and low rates to fuel growth — took a hit.Chinese technology firms, which have also been hit by a crackdown from the government, were a big drag on Hong Kong as it sank more than one per cent. Concerns about a new outbreak of Covid in the city that has led to the reimposition of containment measures added to the glum mood.

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