Asia Stocks Face Headwinds From Soaring US Yields: Markets Wrap

-- Asian stocks are poised to follow the US lower as Treasury yields soared after the latest inflation data bolstered bets on Federal Reserve rate hikes. Bonds in New Zealand and Australia joined the selloff in early trading Friday.Shares in Australia slipped, while futures on benchmarks in Japan and Hong Kong both declined. The Golden Dragon index of Chinese companies listed in the US fell the most in a month.

The so-called core consumer price index, which excludes food and energy costs, increased 0.3% last month. From a year ago, it rose 4.1%, the lowest since 2021. Economists favor the core gauge as a better indicator of underlying inflation than the overall CPI, which rose 0.4%, boosted by energy costs. Forecasters had called for a 0.3% monthly advance in both measures.

“We’ve been skeptical that the Fed would actually deliver the hike projected in the second half of 2023 by the majority of Fed officials, but at this point we are leaning toward them getting it in despite the recent tightening in financial conditions,” she noted. “It’s a very close call.”

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