Customers in front of a pharmacy in Tokyo, Japan, Wednesday, October 19, 2022.
Soichiro Koriyama | Bloomberg | Getty Images
Asia-Pacific markets fell on Friday, mirroring moves on Wall Street, after comments from Federal Reserve officials stoked concerns that the central bank could delay a rate cut.
Minneapolis Federal Reserve President Neel Kashkari on Thursday expressed doubts that the central bank would cut interest rates if inflation remains elevated.
Oil prices continue to rise, West Texas Intermediate Crude Oil It broke above $86 a barrel, testing six-month highs. Brent crude oil prices also hit a six-month high of $90.65.
Japan’s household spending fell much less than expected in February, actually falling 0.5% from the same period last year, while Reuters expected a 3% decline.
Japan’s labor unions secured a significant pay increase for workers in March’s “Spring Capital” wage negotiations, which is expected to stimulate consumer spending.
S&P will also release business activity data for Hong Kong, while the Reserve Bank of India will announce an interest rate decision later in the day. A Reuters poll of economists expected the Reserve Bank of India to keep its benchmark lending rate at 6.5%.
In Australia, S&P/ASX 200 Index It opened down 0.44%.
Japan’s Nikkei 225 Index It fell 1.59% after briefly surpassing 40,000 points on Thursday, while the Topix fell 1.15%.
Korean Cospi It fell 0.79%, reversing Thursday’s gains leading Asia’s main benchmarks, while the small-cap Kosdaq index fell 0.84%.
However, Hong Kong’s Hang Seng Index is expected to rise as trading resumes after the public holiday, with Hang Seng Index futures at 16,860 points, while the Hang Seng Index closed at 16,725.1 points.
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