SYDNEY : Asian stocks hit a one-month low and logged a weekly loss on Friday while the dollar headed for a month of gains after U.S. inflation came in steady without surprising on the low side.
U.S. stock futures were flat and European futures fell 0.5 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 per cent with stocks in Hong Kong and China the biggest drag. It was down 1.6 per cent for the week. "I think the market was hoping with that inflation data that we'd hear Fed speakers say it's unlikely we'll have to hike any further, and the next move is a cut," said Andrew Lilley, chief rates strategist at investment bank Barrenjoey in Sydney.
Australian government bonds came under pressure in Asia on Friday, though outgoing Australian central bank chief Philip Lowe told lawmakers the worst was over for inflation and policy has now entered a"calibration stage". The euro is down marginally for the week at $1.0988. The yen was eyeing a weekly loss of 2 per cent as traders judged the Bank of Japan's looser limit on 10-year yields as buying time for shorter-dated rates to stay low.
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