Markets fell again in Asia on Thursday as traders resigned themselves to more US interest rate hikes after minutes from the Federal Reserve's June meeting showed officials felt more needed to be done to rein in inflation. ManilaBulletin
The notes added to worries about the global economic outlook after another round of depressed data out of China highlighted the tough work facing authorities as they try to kickstart growth after years of zero-Covid-induced sluggishness.
"Some participants indicated that they favoured raising the target range for the federal funds rate 25 basis points at this meeting or that they could have supported such a proposal," they read. "It was a little surprising given that the decision was sold as unanimous from Fed officials," said Lindsey Piegza, of Stifel Nicolaus & Co.
"The minutes also show that this bias for further hikes is fuelled by an overriding concern over elevated price pressures and a tight labour market."Others warned that a cut in borrowing costs, which had been keeping investor sentiment buoyed earlier in the year, was a long way off and officials would likely keep rates elevated for some time.
Tokyo suffered hefty selling pressure, while Sydney, Seoul, Singapore, Taipei, Manila, Bangkok and Wellington were also down.Traders are now keen to see figures on US jobs vacancies, jobless claims and jobs creation, which are due on Thursday and Friday.
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