Asian stock markets rose Thursday after higher U.S. inflation stoked expectations of more rate hikes that investors worry will chill economic growth.
London and Frankfurt opened lower. Shanghai, Hong Kong and Seoul retreated, while Tokyo gained. Oil prices fell more than US$1 to below $100 per barrel.
“Growth fears are hitting the markets harder than inflation concerns,” Stephen Innes of SPI Asset Management said in a report. Tokyo's Nikkei 225 gained 0.6% to 26,643.39. Panasonic Holdings rose 1.1% after the battery maker announced plans for a multibillion-dollar factory to supply Tesla and other automakers in Kansas.
The Federal Reserve and central banks in Britain, South Korea and some other countries have hiked rates to cool surging prices. The European Central Bank has similar plans.
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