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Asia stocks edge up despite global growth worries

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Asian equities edged higher on Thursday, propped up by Hong Kong and China stocks even as growing fears of an economic slowdown and worries over the pace of the Federal Reserve's interest rate hikes weighed on sentiment.

Many in the market believe inflation is moderating and bond yields have peaked, allowing central banks to begin slowing rate hikes when policy-makers from the Fed, the Bank of England and the European Central Bank meet next week.

The Bank of Canada on Wednesday hinted that its historic tightening campaign was near an end as it raised benchmark overnight interest rates by 50 basis points to 4.25%, the highest level in almost 15 years.

 

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