Most Asian markets rose Monday, with Tokyo leading the way as a win for Japan's ruling party in a weekend general election fuelled hopes it will push ahead with a fresh stimulus, though Hong Kong was hit by data showing further weakness in China's economy.
News that inflation had hit a 30-year high in the United States and a 13-year peak in the eurozone added to long-running concerns that price rises are in danger of running out of control, while piling more pressure on central banks to tighten monetary policy.
"Given is well expected, more interest is likely to be in Chair Powell's press conference and whether this hints the Fed is becoming less comfortable with the inflation picture and whether they are starting to see the case for multiple hikes in 2022 as the market is pricing," said National Australia Bank's Rodrigo Catril.
While investors are coming to terms with the prospect of rising borrowing costs, markets continue to press higher, with all three main indexes on Wall Street ending at records on Friday, thanks to a largely healthy earnings season.
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