Singapore — Asian equities rose on Friday, boosted by Hong Kong and China stocks, while the dollar was set for its best week in more than a month as investors priced in the prospect of the Federal Reserve taking interest rates above 5% next year.
Global stocks have been rattled since comments from Fed chair Jerome Powell on Wednesday that it was “very premature” to be thinking about pausing its rate hikes, putting a lid on any lingering investor hopes of a near-term pivot. “The sensitivity of the Fed to improving financial conditions is seemingly quite high and we think is likely to remain so while inflation is too high for its liking,” Citi adding, noting that it was not a good set up for risky assets.
In the currency market, sterling edged up 0.1% to $1.1170, after sliding 2% overnight when the Bank of England raised interest rates by the most since 1989, but warned a long recession looms.
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