Hong Kong — Asian share markets fell on Friday, after red-hot US inflation data and hawkish comments from a Federal Reserve official fuelled bets on US interest rates being hiked more aggressively, and sent US Treasury yields jumping.
Broader moves across Asian stocks followed US data on Thursday which showed consumer prices surged 7.5% last month on a year-on-year basis, topping economists’ estimates of 7.3% and marking the biggest annual increase in inflation in 40 years. US markets overnight had sold off more aggressively than those in Asia did on Friday morning, the Dow Jones Industrial Average tumbled 1.47%, the S&P 500 lost 1.81% and the Nasdaq Composite dropped 2.1%.
Two-year notes, which typically move in step with interest rate expectations, were yielding 1.5643% having jumped sharply after the CPI data.
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