Sentiment towards Asian stocks worsened substantially after data on Friday showed U.S.unexpectedly spiked in January. The reading showed that U.S. employment remained robust despite cooling economic activity, which gives the Federal Reserve more headroom to keep raising interest rates.
Markets also feared that U.S. inflation could remain stubbornly high due to strength in employment. Rising interest rates weighed heavily on Asian markets through 2022 as the amount of foreign capital flowing into the region slowed down, and as local central banks also kept pace with the Fed. But an economic recovery in China and an eventual pause in the Fed's hiking cycle is expected to eventually benefit regional stocks.
Asian markets had a strong run-up to Friday's reading, which also spurred some profit taking on Monday.
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Ohh no
1🎈 = 1%⏬
Wow such huge 'plunges'
Lol. That is all
Disaster
That was to be expected - the China reopening was eventually sold into... $BABA etc Lifted copper and base metals, but didn't have the same or lasting effect on oil. Not so clear skies ahead, implications for Europe too.
Not sure I’d call .98% a “plunge”
Their balloon stocks must be down huh?
Same sh*t different week
f* around, find out
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Source: FXStreetNews - 🏆 14. / 72 Read more »