Friday saw a decline in Asian stocks, tracking the loss on U.S. Wall Street, as investors fretted over the prospect of aggressive interest rate hikes from the Federal Reserve and recession fears.
As of 9.28 a.m. Thai time, the Nikkei 225 in Japan slipped 0.22%, while the yen weakened further to touch 150.28 overnight after hitting 150 against the dollar on Thursday.
Japan’s core consumer prices for the month of September rose 3% compared to a year ago.
Hong Kong’s Hang Seng index dropped 0.58%. Hong Kong is slated to release its inflation data later in the day.
The Shanghai Composite in mainland China lost 0.07%.
In Australia, the S&P/ASX 200 fell 0.56%. South Korea’s Kospi dipped 0.31%.
U.S. stocks dipped on Thursday as investors digested earnings and surging Treasury yields. The Dow Jones Industrial Average fell 90.22 points, or 0.30%, to 30,333.59. The S&P 500 dropped 0.8% to 3,665.78. The Nasdaq Composite slid 0.61% to 10,614.84.
Meanwhile, the benchmark 10-year Treasury yield hit a high of 4.239%, its highest level since 2008.
Global markets have recently been highly volatile, with investors concerned that major economies may be forced into recession before inflation is contained, while a strong dollar as the Fed tightens rapidly would ruin on emerging markets.
