Asian stocks hit as oil spike fans rate hike bets, eyes on US jobs
Summary
Asian stocks fell as surging oil prices and higher bond yields stoked fears of more interest rate hikes, while investors waited for US jobs data to gauge the Federal Reserve’s next move. Concerns over the Middle East conflict and fresh US-Iran tensions added to the pressure on markets.
Key Points
- Most Asian markets declined as investors worried about rising oil prices, bond yields and the risk of more central bank rate hikes.
- US non-farm payrolls data later in the day is expected to influence expectations for the Federal Reserve’s next interest rate move.
- Fresh tensions in the Middle East and US-Iran war fears added to global market unease.
- Several Fed officials gave mixed signals, with some urging patience while others warned that more rate increases may still be needed.
