Stocks were mixed in Asia on Friday as soaring inflation and a series of interest rate hikes around the world continued to fan recession fears.
Below-par earnings from Wall Street titans JP Morgan and Morgan Stanley compounded worries that companies’ bottom lines would be hit by the economic fallout from a series of issues including rising prices, monetary policy tightening and the war in Ukraine.
After rate hikes by a number of countries this week, investors expect the Federal Reserve to lift rates this month by 75 basis points as officials battle to rein in decades-high inflation, though some observers suggest a one-percentage-point move could be on the cards.— AFP
