Stocks fell Friday in Asia after a retreat on Wall Street as escalating worries over the possibility Russia may invade Ukraine rattled global financial markets.
Japan reported Friday that its core inflation rate, excluding volatile energy and food costs, rose 0.2% in January, way below the decades-high figures seen in most major economies and far short of the Bank of Japan’s 2% target.Japan reported Friday that its core inflation rate, excluding volatile energy and food costs, rose 0.2% in January, way below the decades-high figures seen in most major economies and far short of the Bank of Japan’s 2% target.
On Thursday, the S&P 500 SPX fell 2.1%, its biggest drop in two weeks, the Dow Jones Industrial Average DJIA declined 1.8% and the Nasdaq composite COMP slid 2.9%. The losses wiped out the major indexes’ weekly gains. The Ukraine crisis has hung over markets for weeks, adding to volatility in markets. Russia is a major energy producer and if it invades Ukraine and other governments respond with economic sanctions, that could impede access to about 7% of the global energy market, said Tom Martin, a senior portfolio manager with Globalt Investments.
Bond yields fell and dragged banks lower. The yield on the 10-year Treasury fell to 1.97% from 2.04% late Wednesday. Bank of America slid 3.4%.The tensions over Ukraine add to investors are facing as the Federal Reserve prepares to raise interest rates to fight persistently rising inflation, which has spiked to a 40-year high.
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