TOKYO : Asian shares extended a global slump on Friday after the fastest U.S. inflation in four decades and a hawkish European Central Bank bolstered expectations for more aggressive rate hikes, hammering sentiment already stung by the Ukraine war.
In morning trade in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan skidded 1.7per cent, as a retreat on Wall Street spilled over on many of the region's country benchmarks, which turned deeply red. Outside Hong Kong, the losses in Chinese shares were smaller, with the country's blue-chip index down 1.3per cent.
"Disappointingly, although widely expected, Russia-Ukraine talks failed to yield a positive outcome," said Rodrigo Catril, a senior foreign exchange strategist at NAB in Sydney. While markets widely expect the U.S. Federal Reserve to raise the Fed funds target rate by 25 basis points at the conclusion of next week's monetary policy meeting, the CPI data suggested the FOMC could move"more aggressively" to curb inflation, as promised by Fed Chair Jerome Powell last week.
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