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Stocks see worst week of 2023 as growth outlook darkens

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Asian stocks slumped toward their worst week of the year on Friday, oil fell and the U.S. dollar surged.

Growth proxies such as oil and the Aussie dollar each dropped about 1% on Friday. Brent crude was last at $73.41 a barrel, while the Aussie is looking shaky at $0.6698. Sterling fell 0.3% to $1.2709.

"The bottom line is that central banks around the globe are becoming more hawkish now than a few months ago," said Nomura strategist Naka Matsuzawa in Tokyo. Japan's core inflation hitting its fastest pace in more than four decades, as data showed on Friday, seemed only to underscore the size and scale of central bankers' problems.

 

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