A look at the day ahead in Asian markets from Jamie McGeever.An interest rate decision from South Korea takes center stage in Asia on Thursday, in the midst of a widespread selloff in risk assets on growing fears that the Fed will keep U.S. interest rates higher for longer to quell inflation.Asian
An interest rate decision from South Korea takes center stage in Asia on Thursday, in the midst of a widespread selloff in risk assets on growing fears that the Fed will keep U.S. interest rates higher for longer to quell inflation.
One quirk of rising global inflation fears, however, was a 3 per cent slide in oil on Wednesday, as traders bet that high consumer prices will sap growth and demand. A lower oil price, of course, is disinflationary, and base effects right now also mean that Brent crude is 17 per cent cheaper today than it was a year ago.Graphic: Brent oil - year-on-year change https://fingfx.thomsonreuters.com/gfx/mkt/klpygngerpg/OilYY.
Graphic: South Korean economy & markets https://fingfx.thomsonreuters.com/gfx/mkt/egpbyoynwvq/SK1.jpg Anything other than that could lead the won to slip further from its two-month low against the dollar, which would only intensify domestic inflationary pressures and perhaps force the central bank to act again later in the year.
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