Asian markets were mixed Tuesday after suffering a series of losses over concerns the Federal Reserve will push interest rates higher than expected and for longer than feared as it battles stubborn inflation.
Early gains in some bourses were erased as traders struggled to track advances on Wall Street while keeping a wary eye on several data releases this week that will provide a fresh snapshot of the US economy.
Recent figures showing a robust jobs market and inflation not coming down as quickly as hoped have spooked traders this month as they bet on more Fed rate hikes, wiping out most of January’s equities rally.
“It’s becoming increasingly clear to the market that the Federal Reserve is not yet finished with rate hikes,” Seema Shah, at Principal Asset Management, said.—AFP
