HONG KONG: Asian stocks fell again on Friday after forecast-beating United States data fueled expectations that the Federal Reserve (Fed) would lift interest rates well into next year. A glum warning from top chipmaker Micron and worries about China's surging coronavirus cases added to the less-than-Christmassy mood on trading floors. Investors have been on a rollercoaster ride this month with slowing inflation and an easing of monetary policy hikes offset by central bank warnings that borrowing costs would probably have to go higher than expected. "The Grinch selloff is firmly in place after Micron delivered a gloomy outlook and as better-than-expected US economic data supported the Fed's case for more ongoing rate increases," Oanda's Edward Moya said. Tokyo shed 1 percent as data showing Japanese inflation hitting a 41-year high reinforced expectations that the East Asian country's central bank would raise interest rates next year.

Source: Manila Times December 24, 2022 04:09 UTC