SINGAPORE : Asian equities slipped on Friday, while the dollar hovered around six-week highs as economic data and hawkish comments from Federal Reserve officials revived fears that the U.S. central bank will stick to its monetary tightening path.Data from U.S. Labor Department overnight showed monthly pro
SINGAPORE : Asian equities slipped on Friday, while the dollar hovered around six-week highs as economic data and hawkish comments from Federal Reserve officials revived fears that the U.S. central bank will stick to its monetary tightening path.
Tracking Wall Street, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.68 per cent lower and was set for its third straight week of losses. Japan's Nikkei fell 0.47 per cent, while Australia's S&P/ASX 200 index declined 0.55 per cent."No matter how you cut it, inflation was hot," said Tapas Strickland, head of market economics at National Australia Bank.
"The incoming data have not changed my view that we will need to bring the fed funds rate above 5 per cent and hold it there for some time," Cleveland Fed President Loretta Mester said. "After the CPI report this week brought back concerns on the pace at which inflation is cooling, January PPI also saw a hotter than expected print," Saxo Markets strategists said.
The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 4.2 basis points at 4.661 per cent.
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