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10 Jun 2022

Asian Stocks at two-week lows amid Tensions in Inflation

The Index Today

Asian stocks at two-week low on Friday as rate hike guidance from the European Central Bank and tensions over upcoming U.S. inflation data added fuel to the concerns about global growth.

MSCI's world equity index fell 0.22% to its lowest since May 26, and was heading for a 2% fall for the week. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.9%, weighed down by a 1.2% drop in resources-heavy Australia and a 1.1% retreat in South Korea. Japan's Nikkei fell 1.5%.

Analysts at Deutsche and Morgan Stanley (NYSE:MS) lifted their euro zone rate hike forecasts on Friday. Investors expect the Federal Reserve to raise interest rates by 50 basis points next week, especially if U.S. consumer price data on Friday confirms elevated inflation, Reuters reported.

The consensus forecast sees a year-over-year inflation rate for May of 8.3%, unchanged from April.

Matthias Scheiber, global head of portfolio management for multi-asset solutions at Allspring said, "A lot of focus is on this current number, it's not going to be a big move."

"I don't think it will derail what central banks currently have on their minds," he added.

©Photo: REUTERS/Kim Kyung-Hoon

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