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Asian stock markets fall amid inflation and oil price concerns




TOKYO (AP) Asian stocks fell on Wednesday as concerns over inflation raised expectations that the US Federal Reserve could raise interest rates.

Japan’s Nikkei 225 fell 1.1% to 29,436.73 early in trading, after a public holiday on Tuesday. South Korea’s Kospi slipped 0.3% to 2,988.40. The Australian S & P / ASX 200 lost nearly 0.1% to 7,403.30. The Hong Kong Hang Seng lost 0.3% to 24,588.48, while the Shanghai Composite lost 0.4% to 3,575.93.

Markets continue to change their expectations for a tightening of the Fed’s monetary policy, ”said Yeap Jun Rong, market strategist at IG, adding that investors would watch the release of US data later today.

Some Asian central banks have already started raising interest rates to contain inflation. New Zealand on Wednesday raised its key rate from 0.25% to 0.75%.

In October, the Reserve Bank raised it from a record high of 0.25% to 0.5%, the first such hike in more than seven years, removing some backers it had put in place when the coronavirus pandemic has started.

The Fed will issue a report later today from its October policy meeting, potentially giving investors more details on central banks’ plan to start cutting bond purchases that have helped keep rates on. low interest.

Investors watched to see if the pressure from rising inflation would prompt the Fed to step up its plans to cut bond purchases and increase its benchmark interest rate.




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