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Stock market today: Asian benchmarks mostly climb despite worries about US economy

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Asian shares are mostly higher despite worries about the economic outlook and inflation in the U.S. and globally. Benchmarks rose in Friday trading in Tokyo, Seoul, Hong Kong and Shanghai, but fell in Sydney. Oil prices rose and the dollar edged higher against the Japanese yen.

Stock market today: Asian benchmarks mostly climb despite worries about US economycombining stubbornly high inflation with a flagging economy. A sharp drop in Facebook’s parent company, one of Wall Street’s most influential stocks, also hurt the market.

That undercut a hope that’s sent the S&P 500 to record after record this year: that the economy can avoid a deep recession and support strong profits for companies, even if high inflation takes a while to get fully under control. Thursday’s economic data will likely get revised a couple times as the U.S. government fine-tunes the numbers. But the lower-than-expected growth and higher-than-expected inflation is “a bit of a slap in the face to those hoping for a ‘no landing’ scenario,” said Brian Jacobsen, chief economist at Annex Wealth Management.

The yield on the 10-year Treasury rose to 4.70% from 4.66% just before the report and from 4.65% late Wednesday.

 

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