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Stocks struggle to make headway as rate rises loom

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Asian stock markets were pinned near seven-week lows on Thursday while the dollar stood at multi-week peaks, as a run of strong economic data had investors worrying interest rates will need to keep rising and stay high to put the brakes on inflation.

posted a record first-half profit but shares suffered their biggest drop in a year - down 7.3% - after the company warned fares would probably fall.

"We are seeing more and more evidence that consumers are stretched, consumer spending is going to be curbed," he said, pointing to a strong result from grocerCurrency trade was quietened by Japan's holiday. The dollar lingered near its strongest levels since early January, though without being able to break to fresh highs.

The euro steadied at $1.0619 while the yen, which has been grinding lower, last traded at 134.80 per dollar.

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