Despite Covid worries in China, the US Federal Reserve's aggressive monetary policy dampens inflationary pressures
Despite market's Covid worries in China, the US Federal Reserve's aggressive monetary policy dampens inflationary pressuresInbound passengers wait in a queue at Malpensa Airport in Milan, Italy, on December 29 after Italy ordered Covid-19 antigen swabs and virus sequencing for all travellers coming from China, where cases are surging. Picture: REUTERS/JENNIFER LORENZINI
Japan's Nikkei rose 0.22%, while Australia's S&P/ASX 200 index rose 0.34%. China stocks were 0.63% higher, while Hong Kong's Hang Seng index rose 1.5%. “Averting a downturn is a tall order,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank, noting that the odds are stacked against economies emerging unscathed from global policy tightening.
In the currency market, the US dollar was on track for its best annual performance in seven years. The dollar index, which measures the greenback against six major currencies, was 0.048% lower on Friday, but entering 2022's final few hours of trading, it had gained nearly 9% over the year.
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