TOKYO : Most Asian equity markets edged higher on Friday, while the U.S. dollar hung near its weakest level since May, with investors fretting about the risks of a global recession as the Federal Reserve presses on with interest rate increases.
Japan's Nikkei added 0.16 per cent, while Australia's benchmark edged 0.09 per cent higher, although South Korea's Kospi slipped 0.24 per cent.Asian markets showed some resilience despite a selloff on Wall Street overnight, with the S&P 500 losing 0.76 per cent. E-Mini futures indicated a small bounce at the reopen though, gaining 0.24 per cent.
Those comments by"usually reliable Fed dove" Brainard in particular are"compounding rate hike fears," said Tony Sycamore, an analyst at IG. Meanwhile, the dollar index, which measures the greenback against six peers, including the euro and yen, was little changed at 102.10, holding close to a 7 1/2-month low of 101.51, reached on Wednesday.