International Finance: Global markets: Asian stocks retreat on global recession angst; dollar firm

The dollar and Treasury yields remained elevated after multiple Federal Reserve officials continued to talk up additional rate hikes ahead of a crucial US jobs report later in the day, while rising crude oil prices compounded concerns about prolonged inflation.South Korea’s Kospi slipped 0.33%, weighed partly by a decline in Samsung Electronics shares, after the technology giant flagged ain quarterly operating earnings. Australia’s stock benchmark retreated 0.59%.

Markets currently price an 85.5% chance of a 75 basis point increase for next month’s Federal Open Market Committee meeting, and 14.5% odds for a half point bump. “Some positioning ahead of U.S. payrolls tonight is also probably a factor. Given the rally in risk assets earlier in the week, the pain trade would seem to be a ‘good news is bad news’ print.”

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