1) U.S. inflation in February hits 40-year high at 7.9%
The U.S. Consumer Price Index (CPI) rose 7.9% in February compared to last year, marking the fastest annual jump since 1982. The figure is higher than January’s 40-year higher rate of 4.5%. The main attribution behind surging inflation was a surge in energy prices.
2) HSI tech stocks plunge sharply as US tightening auditing requirements
Hang Seng tech index plunged 6% in early trading as JD.com and trip.com were among the worst performers. A selloff came after the U.S. SEC identified five Chinese firms that could be subject to delisting if they failed to comply with certain auditing requirements. Meanwhile, Hang Seng Index fell 3% in the morning session on Friday.
3) Janet Yellen expects “soft landing” for US economy, not recession
U.S. Treasury Secretary Janet Yellen said on Thursday after the report of 40-year high inflation rate that she does not expect a recession, but a soft landing instead on the back that the Federal Reserve raises interest rate to mitigate a surge of inflation amid supply tightening in the energy sector from the unrest between Russia and Ukraine.
4) Russia plans to seize western businesses that pull out
Russia is planning to seize the assets of western companies that pulled out from Moscow in a push back against sanctions.
The Kremlin’s economic ministry said it could take temporary control of departing businesses where foreign ownership exceeds 25%.
“There are enough legal and market instruments for this,” said Putin.
